OIL Forex Analysis for Today, Thursday (06-06-2024)
Watch for SELL Opportunities in OIL, Price Still Held at Resistance
Analysis by CLSK
Oil Strength Capped by Rising US Oil Inventories
Crude oil prices briefly recovered from a four-month low but were held back after data showed that US oil inventories increased by 1.2 million barrels last week, according to the Energy Information Administration, far exceeding analysts’ expectations of a 2.3 million barrel decline.
Held at Resistance Area
Oil prices are once again held at the resistance area. Selling opportunities can be sought again at the resistance area as long as there is no break above this resistance level.
Forecast: WEAK OIL
Resistance Levels
- R1 75.37
- R2 73.65
- R3 75.83
- R4 76.35
Support Levels
- S1 73.65
- S2 75.37
- S3 73.25
- S4 72.46
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