OIL Forex Analysis for Today, Monday(08-07-2024)

OIL Forex Analysis for Today, Monday(08-07-2024)

OIL Forex Analysis for Today, Monday(08-07-2024)

Opportunity to SELL OIL: Confirmed Bearish Rising Wedge Pattern

CLSK Analysis

US Data May Pressure Demand

June US NFP data was released lower than May, at 206 thousand below May’s figure of 218 thousand. The unemployment rate rose from 4 percent to 4.1 percent. Weaker US economic data could raise concerns about reduced crude oil demand.

Confirmed Bearish Falling Wedge Pattern

The bearish falling wedge pattern is confirmed on the H1 time frame. Selling opportunities can be sought again if there is a correction to the lower line area of the pattern.

Prediction: WEAK OIL


  • R1 85.00
  • R2 84.00
  • R3 83.00
  • R4 82.00


  • S1 84.70
  • S2 82.65
  • S3 81.80
  • S4 80.75

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