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Crude Oil Analysis

US Session Analysis for CFD Instruments 14/09/2021

Fundamental analysis

14 September, 2021

Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the International Energy Agency forecast a big demand rebound for the rest of the year. About 794,000 barrels per day (bpd), or more than 40% of the U.S. Gulf's oil and gas output remained offline on Monday, two weeks after Ida slammed into the Louisiana coast, according to offshore regulator Bureau of Safety and Environmental Enforcement (BSEE). After three months of decline in global oil demand, COVID-19 vaccine roll-outs are set to rekindle appetite for oil that was suppressed by pandemic restrictions especially in Asia, the International Energy Agency (IEA) said on Tuesday. The IEA sees a 1.6 million bpd demand rebound in October, and continuing to grow until the end of the year. Overall, the agency lowered its 2021 global oil demand growth forecast by 105,000 bpd to 5.2 million bpd, but raised its 2022 figure by 85,000 bpd to 3.2 million bpd.

Technical analysis

Crude Oil Analysis Technical analysis 14/09/2021
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 14/09/2021

Support & Resistance Level Explanation
Resistance 2 71.915 Daily R2
Resistance 1 71.381 Daily R1
Support 1 69.959 Daily S1
Support 2 69.425 Daily S2

CRUDEOIL Indicator Table - 14/09/2021

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 - 14/09/2021

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

CRUDEOIL 14/09/2021 - Reference Price : 70.670

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