Crude Oil Analysis

US Session Analysis for CFD Instruments 23/11/2023

Fundamental analysis

23 November, 2023

Crude oil is trading at around 76.36.

The global oil market is facing uncertainty as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) postponed their production-cut meeting to November 30. The decision came early Thursday, pushing West Texas Intermediate (WTI) crude prices down near $76.20.

This delay has heightened concerns about future crude supplies and market stability, especially in light of the recent Israel-Hamas tensions and a slowdown in demand growth from China. Saudi Arabia has indicated plans to continue with its ongoing production cuts of one million barrels per day.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 23/11/2023

Support & Resistance	Level	Explanation
Resistance 2	78.38	Daily R2
Resistance 1	77.46	Daily R1
Support 1	75.00	Daily S1
Support 2	74.08	Daily S2

CRUDEOIL Indicator Table - 23/11/2023

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

CRUDEOIL Indicator / Period Table - 23/11/2023

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

CRUDEOIL 23/11/2023 - Reference Price : 76.23

Sell

Simple Moving Average	Buy (0)	Sell (3)
Technical Indicators - Oscillators	Buy (2)	Sell (1)

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