OIL Forex Analysis for Today, Thursday (15-08-2024)
CHECK SELL OIL Opportunity! Price Breaks TRENDLINE!
CLSK Analysis
US Oil Reserves Expected to Decline
Crude oil prices remain under potential pressure due to ongoing concerns about a decrease in global demand, especially from China. The International Energy Agency predicts a decline in global demand by 2025, with a focus on China’s economy and consumption. Similarly, OPEC has lowered its demand forecast for 2024.
Up Trendline Breaks
The uptrend line visible on the H1 time frame has been breached. A sell opportunity can be considered if a pullback occurs near the entry area close to the trendline.
Forecast: WEAK OIL
Resistance Levels:
- R1: 80.00
- R2: 79.00
- R3: 78.00
- R4: 77.00
Support Levels:
- S1: 79.28
- S2: 76.89
- S3: 75.70
- S4: 74.57
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