OIL Forex Analysis for Today, Thursday (04-07-2024)

OIL Forex Analysis for Today, Thursday (04-07-2024)

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


  • R1 82.35
  • R2 83.60
  • R3 84.35
  • R4 85.00


  • S1 84.00
  • S2 83.00
  • S3 82.00
  • S4 81.00

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