Crude Oil Analysis

EU Session Analysis for CFD Instruments 06/08/2024

Fundamental analysis

06 August, 2024

Crude Oil is trading today in the Asian session below the $74 level.

Oil prices jumped by around 1% on Tuesday, paring previous session's losses, on supply concerns amid an escalating Middle East conflict and a cut in production at Libya's Sharara oilfield. Oil's slide was limited by concerns that oil-rich Iran will retaliate against Israel and the U.S. for the assassination of a Hamas leader in Tehran, potentially leading to a wider regional war. Concerns of lower production at Libya's 210,000 barrel-per-day Sharara oil field also buoyed prices. Output at the field, one of the country's largest, has fallen by around 20% due to ongoing protests.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 06/08/2024

Support & Resistance	Level	Explanation
Resistance 2	76.01	Daily R2
Resistance 1	75.14	Daily R1
Support 1	72.83	Daily S1
Support 2	71.96	Daily S2

CRUDEOIL Indicator Table - 06/08/2024

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

CRUDEOIL Indicator / Period Table - 06/08/2024

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

CRUDEOIL 06/08/2024 - Reference Price : 73.99

Sell

Simple Moving Average	Buy (0)	Sell (3)
Technical Indicators - Oscillators	Buy (1)	Sell (2)

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