OIL Forex Analysis for Today, Tuesday(20-02-2024)

OIL Forex Analysis for Today, Tuesday(20-02-2024)

OIL Still Above Trendline, Look for BUY Opportunities

Daily Analysis CLSK

Low Trading Volume

Oil prices were slightly pressured yesterday as the market continued to digest comments from Fed officials hinting at the possibility of delaying interest rate cuts. Trading volume was also low due to the national holiday in the United States.

Still Above Trendline

Crude oil prices are still moving above the upward trendline. Buying opportunities can be sought if there is a correction to the support area or trendline seen in the H1 time frame.

Prediction: STRONG OIL

Resistance

  • R1 77.52
  • R2 75.35
  • R3 78.48
  • R4 79.28

Support

  • S1 75.35
  • S2 77.52
  • S3 74.36
  • S4 73.20
JustMarkets

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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