OIL Forex Analysis for Today, Tuesday(16-04-2024)
Check Opportunities to Buy OIL: Prices Held at Support Area
Daily Analysis CLSK
Increasing Tensions in the Middle East
Iran responded to the attack on its consulate in Syria by retaliating against Israel. If the conflict continues, Iran could block oil transportation in the Strait of Hormuz. This could impact the soaring prices of global oil.
Potential for Price Continuation
Oil is held at the support area and has the potential to resume its upward movement. Buy opportunities can be sought as long as prices do not break below the support area.
Prediction: STRONG OIL
Resistance
- R1 85.30
- R2 84.30
- R3 85.80
- R4 86.30
Support
- S1 84.30
- S2 85.30
- S3 83.80
- S4 83.30
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