OIL Forex Analysis for Today, Monday (24-06-2024)

OIL Forex Analysis for Today, Monday (24-06-2024)

OIL Forex Analysis for Today, Monday (24-06-2024)

Potential SELL OIL: Double Top Pattern Potential

OIL Analysis

Demand Rises, But Inventories Also Increase

Global demand has increased by 1.4 million barrels throughout June according to JPMorgan, but oil inventories also rose by 15 million barrels in the second week of June as China restocked.

Potential Double Top

A potential double top pattern is visible on the H1 timeframe. Sell opportunities can be taken if the double top pattern is confirmed by a break below the baseline.

Prediction: WEAK OIL

Resistance Levels

  • R1 81.80
  • R2 81.00
  • R3 80.39
  • R4 80.27

Support Levels

  • S1 81.80
  • S2 79.07
  • S3 77.80
  • S4 76.23

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