OIL Forex Analysis for Today, Tuesday (28-05-2024)

OIL Forex Analysis for Today, Tuesday (28-05-2024)

Breaking the Trendline, OIL Potential BUY

CLSK Analysis
OPEC+ Expected to Extend Production Cuts
OPEC+ will hold a meeting on June 2 to review production cut policies. Three OPEC+ sources told Reuters that it is highly likely the policy will be extended.

Down Trendline Broken

The down trendline visible on the H1 time frame has been broken. A pullback often occurs to the trendline area after a break, which can be used to look for confirmation of a buy signal.

Forecast: STRONG OIL

Resistance Levels:

  • R1: 78.00
  • R2: 77.40
  • R3: 78.26
  • R4: 78.80

Support Levels:

  • S1: 77.40
  • S2: 78.00
  • S3: 77.12
  • S4: 76.81
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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.


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