Crude Oil Analysis

Morning Analysis for CFD Instruments 08/11/2018

Fundamental analysis

08 November, 2018

Crude Oil traded stable to higher on Thursday morning during the Asian session at 61.73 as record U.S. crude output heightened concerns of a return of global oversupply, stoking talk from within OPEC that production curbs may become necessary once again to prevent a glut. A group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries as well as Russia decided last June to relax output curbs in place since 2017, after pressure from U.S. President Donald Trump to reduce oil prices and make up for supply losses from Iran. But with Iran sanctions now in place and oil still in ample availability, OPEC-led production cuts next year cannot be ruled out, two OPEC sources said on Wednesday. It is thought that OPEC and Russia would still like to see Crude prices around $70 dollars per barrel. However, rising global output has seen a relentless increase in U.S. crude production, which hit a record 11.6 million barrels per day in the week ending Nov. 2, according to Energy Information Administration data released on Wednesday.

Technical analysis

Crude Oil Analysis Technical analysis 08/11/2018
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 08/11/2018

Support & Resistance Level Explanation
Resistance 2 62.75 Daily R2
Resistance 1 62.27 Daily R1
Support 1 61.30 Daily S1
Support 2 60.82 Daily S2

CRUDEOIL Indicator Table - 08/11/2018

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

CRUDEOIL Indicator / Period Table - 08/11/2018

Indicator / Period Day - SellWeek - SellMonth - Buy
MACD( 12;26;9) Sell BuyBuy
RSI (14) Buy SellNeutral
SMA 20 Sell SellBuy

CRUDEOIL 08/11/2018 - Reference Price : 61.84

Sell
Simple Moving AverageBuy (0)Sell (3)
Technical Indicators - OscillatorsBuy (2)Sell (1)
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