OIL Forex Analysis – Monday (06-05-2024)

OIL Forex Analysis – Monday (06-05-2024)

OIL Forex Analysis for Today – Monday (06-05-2024)

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Still Seeking to SELL, OIL Continues to be Pressured!

CLSK Analysis

US Job Data Weighs on Oil

Crude oil prices are under pressure as market participants consider lower-than-expected US job data and the potential delay in Fed interest rate cuts.

Sell If Breaks Support

Prices are still under pressure. Sell opportunities can be taken if there is a breakthrough below the support level seen on the H1 timeframe.

Prediction: WEAK OIL

Resistance Levels

  • R1: 80.06
  • R2: 77.76
  • R3: 80.90
  • R4: 82.39

Support Levels

  • S1: 77.76
  • S2: 80.06
  • S3: 76.77
  • S4: 75.52

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