Crude Oil Analysis

US Session Analysis for CFD Instruments 04/06/2024

Fundamental analysis

04 June, 2024

Crude Oil is trading today in the European session below the $73 level.

Crude oil futures declined on Tuesday morning amid expectations of increased global supply by year-end.

OPEC+ announced on Sunday a production cut of 5.8 million barrels per day until 2025, including a 3.66 million barrel voluntary cut extended through 2024 and a phased 2.2 million barrel cut ending in September 2025. Despite these measures, the market anticipates a supply increase.

Additionally, US purchasing managers index data showed a second consecutive month of contraction in manufacturing activity, raising concerns about US demand for crude oil.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 04/06/2024

Support & Resistance	Level	Explanation
Resistance 2	74.16	Daily R2
Resistance 1	73.52	Daily R1
Support 1	71.84	Daily S1
Support 2	71.20	Daily S2

CRUDEOIL Indicator Table - 04/06/2024

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

CRUDEOIL Indicator / Period Table - 04/06/2024

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 04/06/2024 - Reference Price : 72.68

Sell

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

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