Crude Oil Analysis

US Session Analysis for CFD Instruments 31/05/2024

Fundamental analysis

31 May, 2024

Crude Oil is trading today in the European session below the $78 level.

Crude prices remained mostly unchanged on Friday and were heading for monthly losses due to concerns that tight monetary policy could weaken demand this year and a drop in China's manufacturing activity in May.

The National Bureau of Statistics reported that the purchasing managers' index (PMI) fell to 49.5 from April's 50.4, missing the expected 50.5. Both new orders and foreign sales declined during the month.

In the U.S., EIA data showed a 4.2 million barrel decrease in commercial crude oil inventories for the week ending May 24, surpassing the expected 1.6 million barrel decline, while gasoline inventories increased.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 31/05/2024

Support & Resistance	Level	Explanation
Resistance 2	78.91	Daily R2
Resistance 1	78.46	Daily R1
Support 1	77.28	Daily S1
Support 2	76.83	Daily S2

CRUDEOIL Indicator Table - 31/05/2024

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

CRUDEOIL Indicator / Period Table - 31/05/2024

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

CRUDEOIL 31/05/2024 - Reference Price : 77.87

Sell

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

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