Crude Oil Analysis

US Session Analysis for CFD Instruments 20/05/2024

Fundamental analysis

20 May, 2024

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

Oil prices edged up slightly in European trading on Monday as traders watched rescue efforts for Iran’s President following a helicopter crash.

Crude prices held onto some gains from last week, supported by the potential for U.S. interest rate cuts and improving demand in China, a major importer of crude.

Additionally, markets were bolstered by news that the U.S. government had purchased approximately 3.3 million barrels of oil to help replenish the Strategic Petroleum Reserve.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 20/05/2024

Support & Resistance	Level	Explanation
Resistance 2	80.51	Daily R2
Resistance 1	80.03	Daily R1
Support 1	78.75	Daily S1
Support 2	78.27	Daily S2

CRUDEOIL Indicator Table - 20/05/2024

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

CRUDEOIL Indicator / Period Table - 20/05/2024

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

CRUDEOIL 20/05/2024 - Reference Price : 79.36

Buy

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

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