OIL Forex Analysis – Wednesday(07-02-2024)

OIL Forex Analysis – Wednesday(07-02-2024)

OIL Forex Analysis for Today


OIL Still Below the Trendline, Prepare to Look for SELL Opportunities Again

Daily Analysis CLSK

US Production Expected to Remain Stable Until 2025

Oil prices strengthened yesterday after data showed that U.S. oil production is expected to remain stable until 2025, reducing concerns about oversupply.

Still Below the Trendline, Stalled at Resistance

The price strength has not been able to reach the previous swing high, so intraday tendencies may still be bearish today. Prices are still below the trendline and are once again held in the resistance area. Monitor the resistance area for confirmation of sell signals.

Prediction: WEAK OIL

Resistance and Support Levels


  • R1 77.15
  • R2 73.58
  • R3 78.12
  • R4 80.50


  • S1 73.58
  • S2 77.15
  • S3 72.82
  • S4 71.42

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