OIL Forex Analysis for Today, Wednesday (05-06-2024)

OIL Forex Analysis for Today, Wednesday (05-06-2024)

OIL Forex Analysis for Today, Wednesday (05-06-2024)

OIL Still Under Pressure! SELL If Support is Breached!

Analysis by CLSK

Still Pressured by Oversupply Concerns

Eight oil producers, including Saudi Arabia and Russia, plan to end production cuts in October, raising concerns about potential oversupply in the market.

Sell If Support is Breached

Crude oil prices continue to weaken. Selling opportunities can be sought if there is a break below the current support area.

Forecast: WEAK OIL

Resistance Levels

  • R1 74.47
  • R2 72.21
  • R3 75.43
  • R4 76.37

Support Levels

  • S1 72.21
  • S2 74.47
  • S3 71.37
  • S4 70.43

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