Crude Oil Analysis

EU Session Analysis for CFD Instruments 17/06/2024

Fundamental analysis

17 June, 2024

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

Oil prices declined in Asian trading on Monday following a Friday survey that revealed weaker U.S. consumer demand and an increase in China's May crude production, the largest crude importer globally.

This drop came after oil prices fell on Friday due to U.S. consumer sentiment hitting a seven-month low in June, with concerns about personal finances and inflation.

Despite these declines, crude still saw an almost 4% rise last week, marking the highest weekly percentage increase since April, driven by indications of stronger fuel demand.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 17/06/2024

Support & Resistance	Level	Explanation
Resistance 2	78.85	Daily R2
Resistance 1	78.36	Daily R1
Support 1	77.06	Daily S1
Support 2	76.57	Daily S2

CRUDEOIL Indicator Table - 17/06/2024

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 - 17/06/2024

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

CRUDEOIL 17/06/2024 - Reference Price : 77.69

Sell

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

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