OIL Forex Analysis for Today, Thursday (08-08-2024)
BUY Opportunity for OIL: Inverse Head and Shoulders Pattern Confirmed!
CLSK Analysis
US Crude Oil Inventories Decrease
Crude oil prices rose after the Energy Information Administration reported a sharp decline in US Crude Oil Inventories. Geopolitical tensions in the Middle East also support the increase in crude oil prices.
Inverse Head and Shoulders Pattern
An inverse head and shoulders pattern is visible on the H1 time frame. Buy opportunities can be sought if a correction occurs to the neckline area of the pattern.
Prediction: STRONG OIL
Resistance
- R1 72.61
- R2 76.31
- R3 77.97
- R4 79.74
Support
- S1 72.00
- S2 73.00
- S3 74.00
- S4 75.00
Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.