OIL Forex Analysis for Today, Monday (26-08-2024)
BUY Opportunity on OIL: DOWN TRENDLINE Has Been Broken!
OIL Analysis
Oil Impacted by Middle East Tensions
Crude oil prices surged due to concerns that the Middle East conflict may escalate and disrupt crude oil supply routes. Additionally, the prospect of the Fed cutting interest rates next month has boosted the outlook for global demand amid hopes for economic recovery.
Down Trendline Broken
The price has broken above the downtrend line visible on the H1 time frame. Buying opportunities can be sought if a pullback occurs near the trendline area.
Forecast: STRONG OIL
Resistance Levels:
- R1: 72.61
- R2: 75.16
- R3: 76.42
- R4: 77.73
Support Levels:
- S1: 77.50
- S2: 72.00
- S3: 72.50
- S4: 73.00
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