OIL Forex Analysis for Today, Thursday(23-05-2024)

OIL Forex Analysis for Today, Thursday(23-05-2024)

OIL Forex Analysis for Today, Thursday(23-05-2024)


OIL Still Under Pressure, Sell Opportunity if Support Breaks

CLSK Analysis

US Commercial Oil Reserves Increase

US commercial crude oil reserves unexpectedly rose by 1.8 million barrels according to Energy Information Administration data, contrary to a Reuters survey forecast which predicted a decrease of 2.5 million barrels.

Sell If Support Breaks

Prices are testing the support area on the H1 time frame. Sell opportunities can be sought if the support area breaks.

Forecast: WEAK OIL

Resistance Levels:

  • R1 78.77
  • R2 77.70
  • R3 79.33
  • R4 80.12

Support Levels:

  • S1 76.64
  • S2 77.70
  • S3 75.92
  • S4 75.23

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