OIL Forex Analysis for Today, Thursday (18-07-2024)
Opportunity to BUY OIL, Breaks Downtrend Line
Analysis CLSK
US Oil Reserves Drop Sharply
Crude oil prices increased after US crude oil reserves fell more than anticipated, dropping by approximately 4.9 million barrels last week. This figure is significantly higher than the forecast in the Reuters poll, which only estimated a decrease of 0.9 million barrels.
Downtrend Line Break
The downtrend line seen in the H1 time frame has been breached. Pay attention to the swing high area, as a breakthrough will open up buying opportunities.
Forecast: STRONG OIL
Resistance
- R1 82.82
- R2 84.75
- R3 85.55
- R4 86.39
Support
- S1 81.00
- S2 82.00
- S3 83.00
- S4 84.00
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