OIL Forex Analysis for Today – Tuesday (14-05-2024)
https://onlineforexafrica.com/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
Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.