OIL SELL Potential: Monitor DOWN TRENDLINE
CLSK Analysis
Libya Production Halt Expected to Be Temporary
Crude oil prices continue to weaken as the sell-off persists. The market seems to have dismissed the potential supply disruptions from Libya, which previously triggered a rally. Additionally, declining demand from China and the risk of a global economic slowdown are also limiting crude oil price gains.
Monitor Down Trendline
The price is moving below the down trendline, as observed on the M30 timeframe. A sell opportunity can be sought if a pullback occurs to this trendline area.
Prediction: WEAK OIL
Resistance Levels
- R1 77.00
- R2 76.50
- R3 76.00
- R4 75.50
Support Levels
- S1 75.60
- S2 74.59
- S3 74.07
- S4 73.57
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