Crude Oil 02.08.2024

Crude Oil 02.08.2024

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

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