Crude Oil Analysis

US Session Analysis for CFD Instruments 16/05/2024

Fundamental analysis

16 May, 2024

Crude Oil is trading today in the European session below the $79 level.

In European trading on Thursday, oil prices experienced a minor decline from quick profit-taking after an initial ascent, which was driven by a U.S. consumer inflation report failing to meet expectations.

This outcome weakened the dollar and fueled anticipation of potential interest rate cuts. Furthermore, a larger-than-expected decrease in U.S. inventories contributed to speculation regarding tighter global supply conditions in the upcoming months.

Meanwhile, market participants closely monitored developments related to an incident in Galveston, Texas, to gauge any potential repercussions on oil supplies.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 16/05/2024

Support & Resistance	Level	Explanation
Resistance 2	78.96	Daily R2
Resistance 1	78.48	Daily R1
Support 1	77.18	Daily S1
Support 2	76.70	Daily S2

CRUDEOIL Indicator Table - 16/05/2024

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

CRUDEOIL Indicator / Period Table - 16/05/2024

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

CRUDEOIL 16/05/2024 - Reference Price : 77.83

Sell

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

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