Crude Oil Analysis

US Session Analysis for CFD Instruments 10/07/2024

Fundamental analysis

10 July, 2024

Crude Oil is trading today in the European session above the $81 level.

Oil prices edged higher in European trading on Wednesday, spurred by industry reports (API) revealing a larger-than-anticipated decline in U.S. inventories. This positive movement was somewhat offset by a rise in distillate stockpiles.

Earlier in the week, crude prices had been on a downward trend due to speculation about a potential ceasefire between Israel and Hamas, prompting traders to lower the oil risk premium. However, recent updates indicated that a ceasefire agreement was not imminent.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 10/07/2024

Support & Resistance	Level	Explanation
Resistance 2	82.24	Daily R2
Resistance 1	81.86	Daily R1
Support 1	80.83	Daily S1
Support 2	80.45	Daily S2

CRUDEOIL Indicator Table - 10/07/2024

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 - 10/07/2024

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

CRUDEOIL 10/07/2024 - Reference Price : 81.35

Sell

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

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