Today, Crude Oil prices are trading below the $81 mark. Despite this, the week has been promising, with Oil prices showing a nearly 4% gain. This uptrend has been fueled by recent developments in the market.
The International Energy Agency (IEA) recently revised its 2024 oil demand forecasts upward, signaling growing optimism in the market. Additionally, unexpected data revealing a decline in U.S. stockpiles further bolstered market sentiment.
Investors are closely watching these developments, as they indicate potential shifts in supply and demand dynamics that can significantly impact Oil prices. Understanding these trends and their implications is crucial for investors seeking profitable opportunities in the energy market.
Key Takeaways:
- Crude Oil Prices: Currently trading below $81, but showing resilience amid positive market developments.
- Market Optimism: The IEA’s revised demand forecasts and unexpected decline in U.S. stockpiles have contributed to a bullish sentiment in the Oil market.
- Investor Outlook: Investors are monitoring these developments closely, recognizing the potential for profitable opportunities amidst evolving market dynamics.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 15/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 81.83 | Daily R2 |
| Resistance 1 | 81.27 | Daily R1 |
| Support 1 | 79.79 | Daily S1 |
| Support 2 | 79.23 | Daily S2 |
CRUDEOIL Indicator Table – 15/03/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Sell |
CRUDEOIL Indicator / Period Table – 15/03/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| SMA 20 | Buy | Buy | Buy |
CRUDEOIL 15/03/2024 – Reference Price : 80.58
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (1) |
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