CRUDE OIL: TECHNICAL ANALYSIS

Special Reports - 07/02/2024

07 February, 2024

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible profit or loss. 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.

Special Report: Crude Oil

Date: February 7, 2024

CRUDE OIL: TECHNICAL ANALYSIS

CHART (SHORT- TERM)

STRONG SUPPORT AT $70: The Crude Oil Daily Chart illustrates how strong the $70 support level has been over the short run. The chart below describes how the Crude Oil price has behaved from October 2023 to present day.
SUPPORT OF $70 TESTED 5 TIMES OVER THE PAST 4 MONTHS: The same chart also shows that Crude Oil has respected the support level of $70 as its price has tested the level five times in total over the past 4 months. After testing the level of $70, Crude Oil quickly moved upwards to establish and strengthen its position above the level of $70.
MOVING WITHIN THE $70- $80 PRICE CHANNEL: In addition to efforts to stay above the mark of $70, the chart below also shows us that in the period between October 2023 and present day, Crude Oil spent almost all of its time within the channel between $70 and $80.

Daily Chart (October 2023- February 2024)

Please note that past performance does not guarantee future results.

CHART (LONG- TERM):

STRONG SUPPORT AT $70: The Crude Oil Daily Chart intends to illustrate how strong the $70 support level has ALSO been over the longer run. The chart below describes how the Crude Oil price has behaved from November 2021 to present day.
SUPPORT OF $70 TESTED 9 TIMES] OVER THE PAST 26 MONTHS: The same chart shows that Crude Oil has respected the support level of $70 over a longer period as well, as its price has tested the level nine times in total over the past 26 months. After testing the level of $70, Crude Oil quickly moves upwardly to establish and strengthen its position above the level of $70.
MOVING WITHIN THE $70- $80 PRICE CHANNEL: In addition to efforts to stay above the mark of $70, the chart below also shows us that in the period between November 2021 and present day, Crude Oil would spend most of its time within the channel between $70 and $80. There were a few exceptions when the Crude Oil price jumped to around $130 (when the Russia- Ukraine war broke out in early 2022) and when the Crude Oil fell to $63.66 in April 2023.

Weekly Chart (November 2021- February 2024)

Please note that past performance does not guarantee future results.

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Crude OIL Chart

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