OIL Forex Analysis for Today, Thursday(11-07-2024)
Selling Opportunity Remains for OIL, Double Top Still Visible
CLSK Analysis
US Oil Refineries Increase Production
US oil refineries have increased production following a decline in gasoline inventories in the US, resulting in reduced crude oil stockpiles.
Double Top Pattern Still Present
The double top pattern is still visible on the H1 time frame and a pullback has already occurred to the baseline area. Selling opportunities can be taken in that baseline area.
Prediction: WEAK OIL
Resistance
- R1 84.00
- R2 82.00
- R3 80.00
- R4 78.00
Support
- S1 84.56
- S2 80.48
- S3 78.92
- S4 77.39
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