Crude Oil Analysis

EU Session Analysis for CFD Instruments 16/05/2024

Fundamental analysis

16 May, 2024

Crude Oil is trading today in the Asian session above the $78 level.

Oil prices climbed in Asian trading on Thursday, continuing their upward trajectory from the previous session, buoyed by a U.S. consumer inflation report that fell short of expectations, thereby weakening the dollar and fostering expectations of potential interest rate decreases.

Additionally, a larger-than-anticipated reduction in U.S. inventories further fueled speculation about tighter global supply conditions in the forthcoming months. Concurrently, market participants remained attentive to developments surrounding an incident in Galveston, Texas, to assess any potential impact on oil supplies.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 16/05/2024

Support & Resistance	Level	Explanation
Resistance 2	79.74	Daily R2
Resistance 1	79.26	Daily R1
Support 1	77.96	Daily S1
Support 2	77.48	Daily S2

CRUDEOIL Indicator Table - 16/05/2024

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

CRUDEOIL Indicator / Period Table - 16/05/2024

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

CRUDEOIL 16/05/2024 - Reference Price : 78.56

Buy

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

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