Crude Oil Analysis

EU Session Analysis for CFD Instruments 30/05/2024

Fundamental analysis

30 May, 2024

Crude Oil is trading today in the Asian session below the $80 level.

Oil prices remained mostly stable on Thursday as markets anticipated U.S. crude oil stockpile data. Despite resilient U.S. economic activity suggesting that borrowing costs might stay elevated for longer, potentially dampening demand, oil prices held steady.

According to market sources citing American Petroleum Institute (API) figures on Wednesday, U.S. crude oil and gasoline inventories fell last week while distillate inventories rose. The API figures indicated that crude stocks decreased by 6.49 million barrels for the week ending May 24, gasoline inventories declined by 452,000 barrels, and distillate inventories increased by 2.045 million barrels.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 30/05/2024

Support & Resistance	Level	Explanation
Resistance 2	80.08	Daily R2
Resistance 1	79.63	Daily R1
Support 1	78.45	Daily S1
Support 2	78.00	Daily S2

CRUDEOIL Indicator Table - 30/05/2024

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

CRUDEOIL Indicator / Period Table - 30/05/2024

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

CRUDEOIL 30/05/2024 - Reference Price : 78.98

Sell

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

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