Crude Oil Analysis

EU Session Analysis for CFD Instruments 20/03/2024

Fundamental analysis

20 March, 2024

Crude Oil is trading slightly lower today from opening in the Asian session but above the $82 level.

Oil prices stabilised following a two-day increase, with the American Petroleum Institute (API) reporting a decline in US crude inventories. Traders were closely monitoring the upcoming interest rate decision by the Federal Reserve, which is expected to influence the overall market sentiment.

Crude oil has experienced a roughly 13% rise since the beginning of the year, breaking free from a narrow trading range that characterised the early weeks of 2024. This upward trend has been buoyed by production cuts from OPEC+ and geopolitical tensions, such as Ukrainian drone attacks targeting Russian refineries. Additionally, positive growth data from China earlier in the week contributed to the price gains.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 20/03/2024

Support & Resistance	Level	Explanation
Resistance 2	83.56	Daily R2
Resistance 1	83.08	Daily R1
Support 1	81.78	Daily S1
Support 2	81.30	Daily S2

CRUDEOIL Indicator Table - 20/03/2024

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

CRUDEOIL Indicator / Period Table - 20/03/2024

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

CRUDEOIL 20/03/2024 - Reference Price : 82.45

Buy

Simple Moving Average	Buy (3)	Sell (0)
Technical Indicators - Oscillators	Buy (1)	Sell (1)

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