OIL Forex Analysis for Today, Friday (19-07-2024)
Source: https://onlineforexafrica.com/
SELL Opportunity for OIL: Concerns Over Declining Demand
Analysis by CLSK
The economic slowdown in China pressures oil prices.
Crude oil prices are under pressure again after economic data showed that China’s economic growth was only recorded at 4.7 percent in the second quarter. This has triggered concerns about declining demand from one of the world’s largest oil consumers.
Monitor the Resistance Area
Watch the resistance area and look for confirmation of a sell signal if the price pulls back to that area.
Prediction: WEAK OIL
Resistance Levels
- R1: 84.00
- R2: 82.00
- R3: 80.00
- R4: 78.00
Support Levels
- S1: 83.89
- S2: 80.28
- S3: 78.72
- S4: 77.02
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