OIL Forex Analysis for Today, Tuesday (20-08-2024)
OIL Still Has SELL Potential: Continues to Move Below Descending Trendline
CLSK Analysis
Hope for a Ceasefire in the Middle East
Crude oil prices continue to weaken after reports emerged that Israel accepted an offer to discuss the terms of a ceasefire in Gaza. This development has eased concerns about potential supply disruptions in the Middle East.
Monitor the Trendline Area
The price continues to move below the descending trendline visible on the H1 time frame. A selling opportunity can be considered if a pullback occurs toward the entry area near the trendline.
Forecast: WEAK OIL
Resistance Levels:
- R1: 78.00
- R2: 76.00
- R3: 74.00
- R4: 72.00
Support Levels:
- S1: 77.67
- S2: 74.74
- S3: 73.25
- S4: 71.81
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