OIL Forex Analysis for Today, Thursday (22-08-2024)
Continue Seeking SELL Opportunities for OIL: Still Moving Below the DOWN TRENDLINE
CLSK Analysis
Crude Oil Continues to Weaken
Crude oil prices hit their lowest level since February yesterday, following revised US labor statistics that showed job growth was slower than initially reported. Additionally, prices were impacted by weaker economic data from China.
Still in Downtrend, Moving Below Trendline
The price is still moving below the down trendline visible on the H1 time frame. A Break of Structure (BoS) has also been detected again on the H1 time frame. This BoS area could serve as a reference point for seeking confirmation of a sell signal, especially if a pullback occurs to that area.
Forecast: WEAK OIL
Resistance Levels:
- R1: 80.00
- R2: 79.00
- R3: 78.00
- R4: 77.00
Support Levels:
- S1: 74.50
- S2: 71.43
- S3: 69.84
- S4: 68.22
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