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
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 05/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 88.10 | Daily R2 |
| Resistance 1 | 87.55 | Daily R1 |
| Support 1 | 86.07 | Daily S1 |
| Support 2 | 85.52 | Daily S2 |
CRUDEOIL Indicator Table – 05/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 05/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Neutral |
| SMA 20 | Buy | Buy | Buy |
CRUDEOIL 05/04/2024 – Reference Price : 86.89
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (3)Sell (0) |
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