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Crude Oil Analysis

EU Session Analysis for CFD Instruments 23/02/2021

Fundamental analysis

23 February, 2021

Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week. Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. Goldman Sachs Commodities Research raised its Brent crude oil price forecasts by $10 for the second and third quarters of 2021, citing lower expected inventories, higher marginal costs to restart upstream activity and speculative inflows. The Wall Street bank expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously and $75 in the third quarter from $65 earlier. Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed on Monday, due to the disruption in Texas.

Technical analysis

Crude Oil Analysis Technical analysis 23/02/2021
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 23/02/2021

Support & Resistance Level Explanation
Resistance 2 63.92 Daily R2
Resistance 1 63.30 Daily R1
Support 1 61.66 Daily S1
Support 2 61.04 Daily S2

CRUDEOIL Indicator Table - 23/02/2021

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 - 23/02/2021

Indicator / Period Day - BuyWeek - BuyMonth - Buy
MACD( 12;26;9) Buy BuySell
RSI (14) Sell SellBuy
SMA 20 Buy BuyBuy

CRUDEOIL 23/02/2021 - Reference Price : 62.33

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