OIL Forex Analysis for Today, Monday (22-07-2024)
Potential SELL for OIL Today: Support Broken, Ready for Continued Down Trend!
Analysis CLSK
China’s Economic Slowdown Pressures Oil
Crude oil prices are under pressure again after economic data showed that China’s growth was only recorded at 4.7 percent in the second quarter. This has sparked concerns about declining demand from one of the world’s largest oil consumers.
Price Breaks Support
The price has breached the previous support area on the H1 time frame. SELL opportunities are available with a pullback target in the breakout area as downtrend confirmation.
Prediction: WEAK OIL
Resistance
- R1 84.00
- R2 83.00
- R3 82.00
- R4 81.00
Support
- S1 80.04
- S2 78.64
- S3 78.01
- S4 77.37
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