Potential SELL on OIL: UP TRENDLINE BREAKS!
OIL Analysis
Libya’s Production Halt Expected to Be Temporary
The market anticipates that Libya will gradually reduce its production, rather than implement a drastic production halt. Earlier, it was expected that Libya would completely stop its oil production.
Up Trendline Breaks
The up trendline visible on the H1 time frame has been broken. A sell opportunity can be sought if there is a pullback near the trendline area.
Forecast: WEAK OIL
Resistance Levels:
- R1: 78.50
- R2: 78.00
- R3: 77.50
- R4: 77.00
Support Levels:
- S1: 77.71
- S2: 75.78
- S3: 74.89
- S4: 73.98
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