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:

  1. Crude Oil Prices: Currently trading below $81, but showing resilience amid positive market developments.
  2. 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.
  3. Investor Outlook: Investors are monitoring these developments closely, recognizing the potential for profitable opportunities amidst evolving market dynamics.

Technical analysis

Crude Oil Analysis Technical analysis 15/03/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 15/03/2024

Support & ResistanceLevelExplanation
Resistance 281.83Daily R2
Resistance 181.27Daily R1
Support 179.79Daily S1
Support 279.23Daily S2

CRUDEOIL Indicator Table – 15/03/2024

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

CRUDEOIL Indicator / Period Table – 15/03/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)BuyBuyBuy
RSI (14)NeutralNeutralNeutral
SMA 20BuyBuyBuy

CRUDEOIL 15/03/2024 – Reference Price : 80.58

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (1)

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