CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.91% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your money. Read full risk warning.

Crude Oil Analysis

US Session Analysis for CFD Instruments 08/02/2021

Fundamental analysis

08 February, 2021

Oil prices rose on Monday to their highest in just over a year, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand. The oil market continues to tighten‮ ‬with deeper cuts from Saudi Arabia who pledged extra supply cuts in February and March on the back of reductions by other members of the Organization of the Petroleum Exporting Countries and its allies. Investors are also keeping a close watch on a $1.9 trillion COVID-19 aid package for the United States that is expected to be passed by lawmakers as soon as this month.

Technical analysis

Crude Oil Analysis Technical analysis 08/02/2021
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 08/02/2021

Support & Resistance Level Explanation
Resistance 2 58.517 Daily R2
Resistance 1 58.098 Daily R1
Support 1 56.982 Daily S1
Support 2 56.563 Daily S2

CRUDEOIL Indicator Table - 08/02/2021

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 - 08/02/2021

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

CRUDEOIL 08/02/2021 - Reference Price : 57.540

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