In today’s trading within the Asian markets, Crude Oil has seen a modest increase, with prices surpassing the $86 mark. This continuation of an upward momentum into the second week has been supported by a mix of geopolitical unrest and supply-demand dynamics.

This week, both Brent and WTI crude oil are on track to achieve upwards of a 4% gain, marking a notable continuation of their upward trajectory. This increase is largely attributed to heightened geopolitical tensions in Europe and the Middle East. Specifically, the situation has been exacerbated by Iran, a leading OPEC producer, threatening retaliation following an incident that led to significant Iranian military casualties, attributed to Israel.

Furthermore, the situation has been aggravated by Ukraine’s drone activities targeting refineries in Russia, resulting in substantial disruptions. According to a NATO official’s statement on Thursday, these attacks have impacted over 15% of Russia’s refining capabilities, thereby affecting its fuel output.

Technical analysis

Crude Oil Analysis Technical analysis 05/04/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 05/04/2024

Support & ResistanceLevelExplanation
Resistance 288.10Daily R2
Resistance 187.55Daily R1
Support 186.07Daily S1
Support 285.52Daily S2

CRUDEOIL Indicator Table – 05/04/2024

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

CRUDEOIL Indicator / Period Table – 05/04/2024

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

CRUDEOIL 05/04/2024 – Reference Price : 86.89

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

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