In today’s Asian trading session, crude oil prices have seen a modest increase, with values surpassing the $85 mark. This uptick is primarily fueled by heightened geopolitical tensions in the Middle East, which have sparked concerns over potential disruptions in oil supply.
The recent rise in crude oil futures was notably influenced by statements from Israeli Prime Minister Benjamin Netanyahu, who emphasized Israel’s preparedness to handle threats extending beyond the Gaza region. His comments have highlighted a proactive stance on national security, both defensively and offensively, which has resonated within the oil markets due to the region’s pivotal role in global oil production.
Further compounding market uncertainty, there have been reports suggesting possible Iranian retaliatory actions following recent incidents targeting the Iranian embassy in Damascus. Such developments are closely watched by market participants, as escalations in West Asia hold significant implications for oil supply continuity globally.
Amidst these unfolding geopolitical dynamics, a cutting-edge Artificial Intelligence (AI) tool has proven invaluable for traders by offering precise market forecasts. Remarkably, individuals utilizing this AI have been able to navigate the complexities of the oil market effectively, achieving over 34% Return on Investment in just the past 24 hours. This showcases the AI’s ability to adapt and predict in real-time, providing traders with the insights needed to make informed decisions during periods of potential market volatility.
As the situation in the Middle East continues to develop, the global oil markets remain on high alert. Investors and traders are advised to stay informed and consider advanced analytical tools like AI to enhance their trading strategies, especially in markets as susceptible to geopolitical influences as oil.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 12/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 87.06 | Daily R2 |
| Resistance 1 | 86.51 | Daily R1 |
| Support 1 | 85.03 | Daily S1 |
| Support 2 | 84.48 | Daily S2 |
CRUDEOIL Indicator Table – 12/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 12/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
CRUDEOIL 12/04/2024 – Reference Price : 85.84
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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