OIL Forex Analysis for Today, Thursday (16-05-2024)
Monitor Resistance to Find SELL Opportunities for OIL
CLSK Analysis
IEA Cuts Global Demand Projection
Crude oil prices initially strengthened following a drop in US fuel stockpile data, but the International Energy Agency also cut its global demand forecast by 140,000 barrels to only 1.1 million barrels per day due to declining demand from developing countries. Meanwhile, global oil inventories increased by 34.6 million barrels in March.
Monitor Resistance Area
Prices are moving towards the resistance area visible in the H1 time frame. Sell opportunities can be sought in this resistance area.
Prediction: WEAK OIL
Resistance
- R1 80.16
- R2 79.32
- R3 80.79
- R4 81.46
Support
- S1 79.32
- S2 80.16
- S3 78.78
- S4 78.19
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