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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