CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your money. Read full risk warning.
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Crude Oil Analysis

EU Session Analysis for CFD Instruments 31/05/2024

Fundamental analysis

31 May, 2024

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

Crude oil futures fell on Friday morning due to a decline in China's manufacturing activity in May. The National Bureau of Statistics reported the purchasing managers' index (PMI) dropped to 49.5 from 50.4 in April, below the expected 50.5. Both new orders and foreign sales decreased during the month.

In the U.S., the EIA data showed a 4.2 million barrel decrease in commercial crude oil inventories for the week ending May 24, surpassing the expected 1.6 million barrel decline, while gasoline inventories increased.

Technical analysis

Crude Oil Analysis Technical analysis 31/05/2024
Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 31/05/2024

Support & Resistance Level Explanation
Resistance 2 78.73 Daily R2
Resistance 1 78.28 Daily R1
Support 1 77.10 Daily S1
Support 2 76.65 Daily S2

CRUDEOIL Indicator Table - 31/05/2024

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

CRUDEOIL Indicator / Period Table - 31/05/2024

Indicator / Period Day - SellWeek - SellMonth - Sell
MACD( 12;26;9) Buy BuyBuy
RSI (14) Neutral NeutralNeutral
SMA 20 Sell SellSell

CRUDEOIL 31/05/2024 - Reference Price : 77.78

Sell
Simple Moving AverageBuy (0)Sell (3)
Technical Indicators - OscillatorsBuy (1)Sell (0)
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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk. See full risk warning

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Fortrade Cyprus Ltd is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 385/20. CFD products may not be suitable for all clients, therefore ensure, that you understand the risks involved and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

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