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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