OIL forex analysis for today, Wednesday(24-04-2024)
Get ready for OIL Hunting Buy! Resistance Penetrated Daily Analysis CLSK Market Reacts to US Manufacturing Data Crude oil prices lifted as the market sees that declining US manufacturing activity could strengthen the Fed’s rationale for cutting interest rates. Lower loan rates typically stimulate the economy including the industry and in turn will increase crude oil demand. Penetrated Resistance Becomes Support The price broke above the intraday resistance area, where the resistance now becomes a support area. Buying opportunities can be sought if a correction to that support area occurs. Prediction: STRONG OIL
Resistance
- R1 83.09
- R2 82.50
- R3 83.90
- R4 85.28
Support
- S1 80.50
- S2 83.09
- S3 79.60
- S4 78.25
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