OIL Forex Analysis – Friday (26-04-2024)

OIL Forex Analysis – Friday (26-04-2024)

OIL Forex Analysis for Today – Friday (26-04-2024)

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OIL Held at Resistance, Time to Look for SELL Opportunities!

CLSK Daily Analysis

Potential Decrease in Demand

Crude oil prices rose overnight in response to the weakening US GDP data and Israel’s latest attack on Raffah. However, the prospect of the Fed delaying its interest rate decision could potentially impact economic activities and reduce the demand for oil fuel, thereby potentially restraining crude oil price increases.

Price Still Testing Resistance

Prices are held in the downtrend trendline and resistance area on the H1 time frame. Sell opportunities can be sought in that trendline and resistance area if there is confirmation of a bearish signal.

Prediction: WEAK OIL

Resistance Levels

  • R1: 85.94
  • R2: 83.90
  • R3: 86.56
  • R4: 87.59

Support Levels

  • S1: 83.90
  • S2: 85.94
  • S3: 83.11
  • S4: 81.53

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