Crude Oil Analysis

EU Session Analysis for CFD Instruments 21/03/2024

Fundamental analysis

21 March, 2024

Crude Oil is trading slightly lower today from opening in the Asian session but above the $81 level.

Crude oil futures traded higher on Thursday morning as the official data showed decline in crude oil inventories in the US for the week ending March 15.

Data released by the US EIA (Energy Information Administration) showed decline in crude oil inventories in the US for the week ending March 15. US commercial crude oil inventories decreased by 2 million barrels from the previous week. At 445.0 million barrels, US crude oil inventories were about 3 per cent below the five-year average for this time of year.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 21/03/2024

Support & Resistance	Level	Explanation
Resistance 2	82.71	Daily R2
Resistance 1	82.24	Daily R1
Support 1	81.00	Daily S1
Support 2	80.54	Daily S2

CRUDEOIL Indicator Table - 21/03/2024

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

CRUDEOIL Indicator / Period Table - 21/03/2024

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

CRUDEOIL 21/03/2024 - Reference Price : 81.64

Buy

Simple Moving Average	Buy (2)	Sell (1)
Technical Indicators - Oscillators	Buy (2)	Sell (0)

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