OIL Forex Analysis for Today, Wednesday (03-07-2024)
BUY OIL If It Corrects to Trendline Area
Analysis CLSK
Market Monitors Geopolitical and Weather Factors
The market is still monitoring the impact of the conflict between Israel and Hezbollah. Additionally, the market is also watching the potential threat of Hurricane Beryl, which could affect oil refinery activities on the Gulf Coast.
Watch the Trendline Area
Prices are still moving above the rising trendline visible on the H1 time frame. Buy opportunities can be considered if a correction occurs to the trendline area.
Prediction: Strong OIL
Resistance
- R1 80.74
- R2 83.00
- R3 84.00
- R4 84.95
Support
- S1 80.00
- S2 80.74
- S3 81.00
- S4 81.98
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