OIL Forex Analysis for Today, Tuesday(21-05-2024)

OIL Forex Analysis for Today, Tuesday(21-05-2024)

OIL Forex Analysis for Today, Tuesday(21-05-2024)


Opportunity to BUY OIL, Monitor Closely for Potential Breakthrough of Resistance

CLSK Analysis

Market Awaits Price Catalysts

The market is waiting for catalysts that could lift oil prices out of their slump. OPEC+ will hold a meeting in early June to review the production cut policy, which has been implemented to the tune of 2.2 million barrels per day to boost crude oil prices.

Monitor Resistance Area

Prices are moving to test the resistance area visible on the H1 time frame. Buying opportunities can be sought if this resistance area is broken.

Forecast: STRONG OIL

Resistance Levels:

  • R1 80.16
  • R2 79.12
  • R3 80.79
  • R4 81.46

Support Levels:

  • S1 78.05
  • S2 78.68
  • S3 77.55
  • S4 77.23

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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