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Crude Oil Analysis

US Session Analysis for CFD Instruments 16/10/2020

Fundamental analysis

16 October, 2020

Oil prices fell on Friday, dragged down by concerns that a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions, while a stronger U.S. dollar also pressured prices. Some European countries were reviving curfews and lockdowns to fight a surge in new coronavirus cases, with Britain imposing tougher COVID-19 restrictions in London on Friday. A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, a group known as OPEC+, ended their meeting on Thursday expressing concerns about a weak demand outlook. OPEC+ is set to ease its current supply cuts of 7.7 million barrels per day (bpd) by 2 million bpd in January.

Technical analysis

Crude Oil Analysis Technical analysis 16/10/2020
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 16/10/2020

Support & Resistance Level Explanation
Resistance 2 41.562 Daily R2
Resistance 1 41.210 Daily R1
Support 1 40.270 Daily S1
Support 2 39.918 Daily S2

CRUDEOIL Indicator Table - 16/10/2020

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

CRUDEOIL Indicator / Period Table - 16/10/2020

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

CRUDEOIL 16/10/2020 - Reference Price : 40.740

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