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Crude Oil Analysis

US Session Analysis for CFD Instruments 15/05/2019

Fundamental analysis

15 May, 2019

Crude Oil prices traded lower during the European session as Prices Fail to Benefit from Middle East Tensions after armed drones struck two oil pumping stations in Saudi Arabia in the same week that Saudi oil tankers were attacked in the region. Oil traders are paying more attention to news from the American Petroleum Institute of a large surprise build in crude inventories of 8.6 million barrels in the week ending May 10. Saudi Arabia said Tuesday that drones had hit oil pumping stations near its capital, Riyadh just two days after an attack on oil tankers off the coast of the United Arab Emirates – but the news had only a limited impact on crude prices, suggesting the path of least resistance is downwards.

Moreover, the International Energy Agency said Wednesday that rising US output is filling the gap left by US sanctions on Iran and Venezuela that have restricted output from these two major exporters. It also said that global demand for crude in 2019 would be less than it had previously forecast.

Technical analysis

Crude Oil Analysis Technical analysis 15/05/2019
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 15/05/2019

Support & Resistance Level Explanation
Resistance 2 62.000 Daily R2
Resistance 1 61.750 Daily R1
Support 1 60.650 Daily S1
Support 2 60.300 Daily S2

CRUDEOIL Indicator Table - 15/05/2019

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

CRUDEOIL Indicator / Period Table - 15/05/2019

Indicator / Period Day - SellWeek - SellMonth - Buy
MACD( 12;26;9) Neutral NeutralNeutral
RSI (14) Sell NeutralNeutral
SMA 20 Sell SellBuy

CRUDEOIL 15/05/2019 - Reference Price : 61.175

Sell
Simple Moving AverageBuy (0)Sell (3)
Technical Indicators - OscillatorsBuy (1)Sell (1)
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