OIL Forex Analysis for Today, Wednesday(17-04-2024)
OIL Seeks Buying Opportunities Again: Prices Still Held at Support Area
Daily Analysis CLSK
Tensions in the Middle East
Iran responded to the attack on its consulate in Syria by launching a retaliatory strike against Israel. If the conflict escalates, Iran could block oil transportation in the Strait of Hormuz. This could impact the soaring prices of global oil.
Potential for Price Increase
Oil is still held within the support area and has the potential to resume its upward trajectory. Buying opportunities can be sought as long as prices do not breach the support area.
Prediction: STRONG OIL
Resistance
- R1 84.74
- R2 83.74
- R3 85.24
- R4 85.74
Support
- S1 83.74
- S2 84.74
- S3 83.24
- S4 82.74
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