OIL Forex Analysis for Today – Tuesday (13-02-2024)
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Stalled at Resistance: SELL Opportunities for OIL
Daily Analysis on CLSK
Stalled After the Rally
Crude oil prices are stalled after a rally due to the ongoing tensions in the Middle East following the rejection of a Hamas ceasefire offer by Israel. Israel proceeded to bomb the southern Rafah area.
Stalled at Resistance
Crude oil prices are still moving above the upward trendline on the H1 time frame, but they are stalled in the resistance area. Bullish momentum appears to be diminishing, reflected in the shrinking candlesticks. Yesterday’s high did not exceed the previous high, suggesting a possible correction.
Prediction: WEAK OIL
Resistance
- R1 75.88
- R2 75.20
- R3 76.20
- R4 76.50
Support
- S1 76.91
- S2 77.57
- S3 76.50
- S4 75.88
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