OIL Forex Analysis for Today, Wednesday (07-08-2024)
SELL Opportunity for OIL: Still Moving Below Down Trendline
OIL Analysis
US Oil Reserves Increase
Crude oil prices slipped in early Asian trading today, after a brief rise earlier. Data showed an unexpected increase in US crude oil and gasoline inventories, reducing supply shortage concerns.
Still Below Down Trendline
Prices are still moving below the down trendline seen on the M30 time frame. However, SELL opportunities will only be confirmed if prices break below the minor trendline.
Prediction: WEAK OIL
Resistance
- R1 79.00
- R2 78.00
- R3 77.00
- R4 76.00
Support
- S1 74.11
- S2 70.44
- S3 68.50
- S4 66.57
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