OIL Still Has SELL Potential: Remaining Below the Down Trendline
CLSK Oil Analysis
Oil Prices Remain Pressured by Weak Demand
Crude oil prices remain under pressure amid low demand and ongoing sell-offs, despite the possibility of delayed production increases next month. OPEC+ is currently considering postponing the planned production hike initially set for October.
Still Moving Below the Down Trendline
The price is still trading below the down trendline on the H1 time frame. A resistance area is also visible, and sell opportunities can be looked for if a pullback occurs to this area.
Prediction: WEAK OIL
Resistance Levels
- R1 76.00
- R2 75.00
- R3 74.00
- R4 73.00
Support Levels
- S1 74.54
- S2 69.96
- S3 67.64
- S4 65.38
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