OIL Forex Analysis for Today, Tuesday (16-07-2024)
Check SELL Opportunity for OIL, Bearish Rising Wedge Still Visible
Analysis CLSK
Crude Oil Still Pressured
Crude oil prices remain under pressure after profit-taking and the stabilization of the USD. The International Energy Agency (IEA) estimates that the demand growth for crude oil this year will not be too high, only around 1 million per day due to the slowing global economy, especially China.
Bearish Rising Wedge Pattern Still Visible
The bearish rising wedge pattern is still visible on the H1 time frame. Sell opportunities can be taken at the lower line area of the pattern.
Forecast: WEAK OIL
Resistance
- R1 84.00
- R2 83.00
- R3 82.00
- R4 81.00
Support
- S1 83.81
- S2 81.21
- S3 80.00
- S4 78.67
Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.