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Crude Oil Analysis

US Session Analysis for CFD Instruments 31/07/2020

Fundamental analysis

31 July, 2020

Oil prices rose on Friday and were on track for monthly gains, boosted by a weaker dollar in the face of continuing concerns over the recovery of the U.S. economy as the coronavirus ravages the world’s biggest economy and oil consumer.The dollar extended its dramatic fall on Friday and was on course for its biggest monthly drop in a decade after news on Thursday that U.S. gross domestic product collapsed at a 32.9% annualised rate - the steepest decline in output since records began in 1947. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively plan to increase production from Saturday, adding about 1.5 million barrels per day to global supply.

Technical analysis

Crude Oil Analysis Technical analysis 31/07/2020
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 31/07/2020

Support & Resistance Level Explanation
Resistance 2 41.048 Daily R2
Resistance 1 40.650 Daily R1
Support 1 39.590 Daily S1
Support 2 39.192 Daily S2

CRUDEOIL Indicator Table - 31/07/2020

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

CRUDEOIL Indicator / Period Table - 31/07/2020

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

CRUDEOIL 31/07/2020 - Reference Price : 40.120

Sell
Simple Moving AverageBuy (0)Sell (3)
Technical Indicators - OscillatorsBuy (1)Sell (2)
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