Crude Oil Analysis

Evening Analysis for CFD Instruments 06/12/2018

Fundamental analysis

06 December, 2018

Crude Oil prices traded sharply lower during the European session today to 51.62, as the market appeared to disagree with Saudi Arabia’s energy minister, who said output cuts of a million barrels a day from OPEC and its allies were adequate for the market. There is currently no agreement among producers to cut output, Saudi Minister Khalid Al-Falih told reporters in Vienna, where the Organization of Petroleum Exporting Countries is meeting. The selloff gathered pace amid a decline in stock markets and continued trade tensions between the U.S. and China. Earlier in the week oil was starting to recover from some of last month’s losses after Russian President Putin and Saudi Crown Prince Mohammed bin Salman said they agreed to extend their deal to manage the oil market into 2019. Traders are waiting to see whether OPEC and its allies including Russia can put together a final pact at meetings this week, after U.S. President Trump renewed his call for the group not to curb supplies and to keep prices low.

Technical analysis

Crude Oil Analysis Technical analysis 06/12/2018
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 06/12/2018

Support & Resistance Level Explanation
Resistance 2 53.300 Daily R2
Resistance 1 52.350 Daily R1
Support 1 50.750 Daily S1
Support 2 50.00 Daily S2

CRUDEOIL Indicator Table - 06/12/2018

Indicator Signal
SMA 20 Sell
SMA 50 Sell
SMA 100 Sell
MACD( 12;26;9) Sell
RSI (14) Sell
Stochastic ( 9;6;3) Sell

CRUDEOIL Indicator / Period Table - 06/12/2018

Indicator / Period Day - SellWeek - SellMonth - Sell
MACD( 12;26;9) Sell SellSell
RSI (14) Sell SellSell
SMA 20 Sell SellSell

CRUDEOIL 06/12/2018 - Reference Price : 51.525

Buy
Simple Moving AverageBuy (0)Sell (3)
Technical Indicators - OscillatorsBuy (0)Sell (3)
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