Crude Oil Analysis

US Session Analysis for CFD Instruments 24/01/2024

Fundamental analysis

24 January, 2024

Crude oil is trading today at 74.53.

Oil prices rose today, mainly influenced by demand increases in the world’s biggest oil consumer, the US, and a weak US dollar

The American Petroleum Institute’s (API) data showed a larger-than-expected drop in crude oil inventories in the US, easing market concerns over falling demand. Crude stocks in the country fell by 6.67 million barrels last week compared to expectations of a 3-million-barrel draw.

Crude oil prices continue to be supported by geopolitical tensions and instability in the Middle East as the Israel-Hamas war continues as well as fighting between the UK-US coalition and the Houthi rebels in Yemen which still sees key shipping routes through the Red Sea essentially closed off.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 24/01/2024

Support & Resistance	Level	Explanation
Resistance 2	75.89	Daily R2
Resistance 1	75.25	Daily R1
Support 1	73.55	Daily S1
Support 2	72.91	Daily S2

CRUDEOIL Indicator Table - 24/01/2024

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 - 24/01/2024

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

CRUDEOIL 24/01/2024 - Reference Price : 74.40

Buy

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

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