Crude Oil Analysis

US Session Analysis for CFD Instruments 21/04/2021

Fundamental analysis

21 April, 2021

Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer. India, also the world’s third-largest oil user, on Wednesday reported another record increase in the daily death toll from COVID-19, at 2,023, and another record rise in cases at more than 295,000. The country, where large parts are now under lockdown due to a huge second wave of the pandemic, is facing an oxygen supply crisis to treat patients. Further battering the market, data from the American Petroleum Institute (API) industry group showed U.S. crude oil and distillate stocks rose in the week ended April 16, according to two market sources, compared with analysts’ forecasts for drawdown in inventories. Crude stocks rose by 436,000 barrels, API reported, according to the sources. Analysts polled by Reuters had expected a 3 million barrel drawdown in crude stocks.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 21/04/2021

Support & Resistance	Level	Explanation
Resistance 2	63.214	Daily R2
Resistance 1	62.672	Daily R1
Support 1	61.228	Daily S1
Support 2	60.686	Daily S2

CRUDEOIL Indicator Table - 21/04/2021

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

CRUDEOIL Indicator / Period Table - 21/04/2021

Indicator / Period	Day - Sell	Week - Buy	Month - Buy
MACD( 12;26;9)	Buy	Buy	Neutral
RSI (14)	Sell	Buy	Buy
SMA 20	Sell	Buy	Buy

CRUDEOIL 21/04/2021 - Reference Price : 61.950

Sell

Simple Moving Average	Buy (2)	Sell (1)
Technical Indicators - Oscillators	Buy (1)	Sell (2)

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