OIL Forex Analysis for Today, Monday (15-07-2024)
Sell Opportunity for OIL, Bearish Rising Wedge Identified!
Analysis CLSK
Reduced Bullish Sentiment
Crude oil prices have moved downward after experiencing a rally for four consecutive weeks as the market loses bullish momentum due to profit taking. Meanwhile, the International Energy Agency (IEA) predicts that crude oil demand will grow by less than 1 million per day due to a global economic slowdown, especially in China.
Bearish Rising Wedge Pattern
A bearish rising wedge pattern is visible on the H1 time frame. A pullback has occurred back to the lower line area of the pattern. Sell opportunities can be taken at the lower line area.
Forecast: WEAK OIL
Resistance
- R1 85.00
- R2 84.00
- R3 83.00
- R4 82.00
Support
- S1 83.81
- S2 81.21
- S3 80.00
- S4 78.67
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