OIL Forex Analysis for Today, Tuesday (06-08-2024)
SELL Opportunity for OIL: Pullback to BoS Area!
OIL Analysis
Geopolitical Tensions Hindered by Recession Fears
Oil prices rose by more than $1 due to increased geopolitical tensions in the Middle East. However, this rise was hindered by fears of a possible US recession and economic slowdown in China, the world’s largest oil consumer.
Pullback to BoS Area
A pullback occurred to the resistance area which also marks the break of structure (BoS) area. SELL opportunities can be sought in this area.
Prediction: WEAK OIL
Resistance
- R1 79.00
- R2 78.00
- R3 77.00
- R4 76.00
Support
- S1 76.02
- S2 73.00
- S3 71.56
- S4 69.06
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