OIL Forex Analysis for Today, Wednesday (14-08-2024)
BUY Opportunity in OIL: Price Corrects to TRENDLINE Area
CLSK Analysis
US Oil Reserves Expected to Decrease
Crude oil prices are still trending upward due to projections that US crude oil and gasoline inventories will decline. Additionally, the market is closely watching the potential for the Middle East conflict to escalate into a broader war, which could disrupt global oil supplies.
Correction to Trendline Area
The price has corrected to the rising trendline area visible on the H1 time frame. Monitor the entry area near this trendline.
Forecast: STRONG OIL
Resistance Levels:
- R1: 75.94
- R2: 79.82
- R3: 81.77
- R4: 83.79
Support Levels:
- S1: 74.00
- S2: 76.00
- S3: 78.00
- S4: 80.00
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