OIL Forex Analysis for Today
Wednesday(07-02-2024)
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
Resistance
- R1 77.15
- R2 73.58
- R3 78.12
- R4 80.50
Support
- S1 73.58
- S2 77.15
- S3 72.82
- S4 71.42
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