OIL Forex Analysis for Today – Monday(05-02-2024)
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Get Ready to SELL OIL! Potential BEARISH FLAG
Daily Analysis CLSK
USD Strength Pressuring Oil Prices
Crude oil prices fell after US non-farm payrolls data reduced the likelihood of the Federal Reserve cutting interest rates in the world’s largest economy, which could impact crude oil demand.
Potential Bearish Flag Formation
Prices are forming a potential bearish flag pattern on the H1 time frame. A breakthrough below the support will confirm the pattern and increase selling opportunities.
Prediction: WEAK OIL
Resistance
- R1: 72.96
- R2: 71.52
- R3: 73.61
- R4: 74.49
Support
- S1: 71.52
- S2: 72.96
- S3: 70.94
- S4: 70.02
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