In today’s Asian market session, Crude Oil prices observed a modest downward adjustment, positioning below the $86 mark. This slight shift in market dynamics comes amid pivotal geopolitical negotiations that could have far-reaching implications for global energy supplies.
Crude oil futures saw a dip early Monday, coinciding with the initiation of peace negotiations between Israel and Hamas in Egypt, an event closely monitored by market participants. The talks are poised to potentially ease longstanding tensions in the Middle East, a region critical to the world’s oil supply.
The discussions, resuming just ahead of the Eid celebrations, mark a significant step toward de-escalation in the area, according to market commentators. A reduction in regional tensions is anticipated to mitigate concerns over disruptions to oil supply, thereby influencing global oil market sentiments.
Furthermore, in a move that aligns with international calls for de-escalation, Israel has commenced the withdrawal of its military forces from Southern Gaza. This development is seen as a positive step towards reducing regional hostilities and is closely watched by investors for its potential impact on oil market stability.
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Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 08/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 86.71 | Daily R2 |
| Resistance 1 | 86.18 | Daily R1 |
| Support 1 | 84.76 | Daily S1 |
| Support 2 | 84.23 | Daily S2 |
CRUDEOIL Indicator Table – 08/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
CRUDEOIL Indicator / Period Table – 08/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Sell | Buy | Buy |
CRUDEOIL 08/04/2024 – Reference Price : 85.39
| SELL | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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