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Crude Oil Analysis

US Session Analysis for CFD Instruments 23/02/2021

Fundamental analysis

23 February, 2021

Oil prices rose on Tuesday, underpinned by the likely easing of COVID-19 lockdowns around the world, positive economic forecasts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut down crude production. Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and to $75 in the third quarter from $65 earlier. Morgan Stanley expects Brent crude prices to climb to $70 per barrel in the third quarter. Disruptions in Texas caused by last week’s winter storm also supported oil prices. Some U.S. shale producers forecast lower oil output in the first quarter. Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed on Monday.

Technical analysis

Crude Oil Analysis Technical analysis 23/02/2021
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 23/02/2021

Support & Resistance Level Explanation
Resistance 2 63.558 Daily R2
Resistance 1 62.942 Daily R1
Support 1 61.298 Daily S1
Support 2 60.682 Daily S2

CRUDEOIL Indicator Table - 23/02/2021

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 - 23/02/2021

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

CRUDEOIL 23/02/2021 - Reference Price : 62.120

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