Crude Oil 02.08.2024
![Crude Oil 02.08.2024](https://assets.iorbex.com/blog/wp-content/uploads/2024/08/02150248/oil-1-750x430.png)
The market managed to advance a few pips above the resistance of 77.50-70 before falling lower.
As we see on the chart, we adjusted the resistance zone to be around 78.25-79.25 while the downtrend pressure is still ongoing so far towards the 72.45-95 zone.
Above 79.25 more of an advance toward 82.00 will be expected
Below 72.45, the market could head for a drop toward 68.20.
SUPPORT | RESISTANCE | |
LEVEL1 | 74.25 | 77.00 |
LEVEL2 | 72.45-95 | 78.25-79.25 |
LEVEL3 | 68.20 | 82.00 |