OIL Forex Analysis for Today – Tuesday (14-05-2024)

OIL Forex Analysis for Today – Tuesday (14-05-2024)

OIL Forex Analysis for Today – Tuesday (14-05-2024)


OIL Held at Resistance! Potential SELL Opportunities Again

CLSK Analysis

US Inflation Data Shadows Crude Oil

Crude oil prices rose after data from China showed optimism for increased demand, but the anticipated improvement in US inflation data could potentially lead the Fed to delay interest rate cuts until September. The strengthening dollar makes oil expensive for market participants who do not have USD as their primary currency.

Look for Sell Opportunities in the Resistance Area

The price is testing the resistance area again on the H1 time frame. Sell opportunities can be sought in the resistance area.

Prediction: WEAK OIL

Resistance Levels

  • R1 80.13
  • R2 79.26
  • R3 80.53
  • R4 80.95

Support Levels

  • S1 79.26
  • S2 80.13
  • S3 78.87
  • S4 78.40

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