Crude Oil Analysis

US Session Analysis for CFD Instruments 24/08/2021

Fundamental analysis

24 August, 2021

Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential rise in U.S. coronavirus vaccination rates. Both benchmarks jumped more than 5% on Monday, helped by a weaker U.S. dollar, after marking their biggest week of losses in more than nine months last week. The U.S. Food and Drug Administration (FDA), which last December authorised the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use in people age 16 and older. Also boosting prices, U.S. crude and gasoline inventories likely declined last week, while distillate stockpiles are expected to have increased, a preliminary Reuters poll ahead of industry data showed on Monday.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 24/08/2021

Support & Resistance	Level	Explanation
Resistance 2	68.390	Daily R2
Resistance 1	67.644	Daily R1
Support 1	65.656	Daily S1
Support 2	64.910	Daily S2

CRUDEOIL Indicator Table - 24/08/2021

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

CRUDEOIL Indicator / Period Table - 24/08/2021

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

CRUDEOIL 24/08/2021 - Reference Price : 66.650

Buy

Simple Moving Average	Buy (2)	Sell (1)
Technical Indicators - Oscillators	Buy (2)	Sell (0)

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