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Crude Oil Analysis

US Session Analysis for CFD Instruments 06/08/2020

Fundamental analysis

06 August, 2020

Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar .DXY and falling U.S. crude inventories undermined by bearish sentiment about fuel demand. The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles. The dollar index, which measures the greenback against a basket of six major currencies .DXY, logged its biggest monthly percentage fall in a decade in July and a Reuters poll found analysts expected it to continue falling into next year. The index has moved in and out of positive territory on Thursday after falling for two sessions. A weaker U.S. currency makes dollar-priced oil cheaper for holders of other currencies.

Technical analysis

Crude Oil Analysis Technical analysis 06/08/2020
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 06/08/2020

Support & Resistance Level Explanation
Resistance 2 42.944 Daily R2
Resistance 1 42.398 Daily R1
Support 1 40.942 Daily S1
Support 2 40.396 Daily S2

CRUDEOIL Indicator Table - 06/08/2020

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

CRUDEOIL Indicator / Period Table - 06/08/2020

Indicator / Period Day - BuyWeek - BuyMonth - Buy
MACD( 12;26;9) Buy BuySell
RSI (14) Buy BuyNeutral
SMA 20 Buy BuyBuy

CRUDEOIL 06/08/2020 - Reference Price : 41.670

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