OIL Forex Analysis for Today, Thursday (04-07-2024)
Potential BUY OIL: Wedge Pattern Confirmed
Analysis CLSK
Crude Oil Corrected
The correction was mainly due to a slowdown in the US services and employment sectors, which was interpreted as an indication of declining demand. However, this data also increased expectations for a Fed rate cut in September, which could support crude oil prices as lower interest rates might boost oil demand.
Bullish Falling Wedge Pattern
A bullish falling wedge pattern has been confirmed on the H1 time frame. Buy opportunities can be considered if a correction occurs to the upper line of the wedge or the trendline area also visible on the H1 time frame.
Prediction: Strong OIL
Resistance
- R1 82.35
- R2 83.60
- R3 84.35
- R4 85.00
Support
- S1 84.00
- S2 83.00
- S3 82.00
- S4 81.00
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