OIL Forex Analysis for Today, Monday(27-05-2024)

OIL Forex Analysis for Today, Monday(27-05-2024)

OIL Forex Analysis for Today, Monday(27-05-2024)


Look for SELL Opportunities, OIL Held by Downtrend Line

CLSK Analysis

Market Awaits OPEC+ Meeting

OPEC+ will hold a meeting on June 2 to review production cut policies. Currently, OPEC members are maintaining production at only 2.2 million barrels per day, but on the other hand, there are almost 6 million barrels per day from supply reserves connected to the market, raising concerns of oversupply.

Still Moving Below Downtrend Line

Prices are testing the H1 trendline area. Sell opportunities can be sought if the support area is breached.

Forecast: WEAK OIL

Resistance Levels:

  • R1 78.68
  • R2 78.05
  • R3 79.33
  • R4 80.12

Support Levels:

  • S1 77.28
  • S2 78.05
  • S3 76.81
  • S4 76.15

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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