OIL Forex Analysis for Today, Wednesday (21-08-2024)
OIL Continues to Seek SELL Opportunities: BoS Detected!
CLSK Analysis
US Inventory Estimates Rise and Middle East Mediation Hopes
The price of crude oil declined due to estimates suggesting an increase in US crude oil inventories. Additionally, there is optimism about easing tensions in the Middle East following mediation efforts by US Secretary of State Antony Blinken in the conflict region.
BoS Detected
A Break of Structure (BoS) has been identified on the H1 time frame. The BoS area could serve as a reference point for confirming sell signals, particularly if a pullback occurs toward this area.
Forecast: WEAK OIL
Resistance Levels:
- R1: 79.00
- R2: 78.00
- R3: 77.00
- R4: 76.00
Support Levels:
- S1: 76.06
- S2: 72.97
- S3: 71.35
- S4: 69.75
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