OIL Still Showing SELL Potential: Remains Below Down Trendline
CLSK Analysis
OPEC+ Production Projections and China Data Pressure Oil
Crude oil prices continue to remain under pressure due to anticipated increases in OPEC+ production for October. Additionally, China’s manufacturing data dropped to its lowest level in six months in August, heightening concerns over declining demand from one of the world’s largest oil consumers.
Still Below Down Trendline
Prices are still trending below the down trendline. A break of structure (BoS) is also evident on the M30 time frame. SELL opportunities can be sought if a pullback occurs to the BoS area.
Prediction: WEAK OIL
Resistance Levels
- R1 76.00
- R2 75.00
- R3 74.00
- R4 73.00
Support Levels
- S1 74.54
- S2 69.96
- S3 67.64
- S4 65.38
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