OIL Forex Analysis for Today, Thursday (01-08-2024)
Check the Potential BUY OIL, Breaks Above Down Trendline!
CLSK Analysis
Middle East Conflict Triggers Price Increase
Crude oil prices rose in the Asian session today, continuing the rally following the killing of the Hamas leader in Iran, which sparked fears of escalating conflict in the Middle East. Additionally, signs of increased demand from the United States were also observed.
Down Trendline Broken
Prices broke above the down trendline visible on the H1 time frame. Look for buying opportunities when a pullback to the trendline area occurs.
Prediction: STRONG OIL
Resistance
- R1 74.48
- R2 77.38
- R3 78.98
- R4 80.52
Support
- S1 74.00
- S2 76.00
- S3 78.00
- S4 80.00
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