OIL Forex Analysis for Today, Thursday (30-05-2024)

OIL Forex Analysis for Today, Thursday (30-05-2024)

OIL Sharp Correction! Targeting Buy Opportunities at Support

Analysis of CLSK
Hawkish Fed Comments Followed by Correction
The price corrected sharply in response to comments from Minneapolis Fed President Neel Kashkari, who predicted a potential Fed rate hike. High interest rates can hinder economic growth and reduce oil demand. However, the market is still awaiting the outcome of next week’s OPEC+ meeting, which is likely to maintain production cut policies to support crude oil prices.

Price Held at Support

The price is held at the support area after a sharp correction. Buy opportunities can be sought again at the support area, as long as the support level holds.

Forecast: STRONG OIL

Resistance Levels:

  • R1: 78.99
  • R2: 78.34
  • R3: 79.34
  • R4: 80.03

Support Levels:

  • S1: 78.34
  • S2: 78.99
  • S3: 78.08
  • S4: 77.58

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