In today’s Asian trading session, Crude Oil prices hovered above the $83 mark, showing signs of an upward trajectory.
This increase comes in the wake of a notable reduction in U.S. crude oil inventories as reported by the American Petroleum Institute (API) for the week ending April 19. The API’s latest figures revealed a decrease of 3.23 million barrels, a significant shift from the prior week’s build of 4.09 million barrels. This development surpassed market forecasts, which had anticipated an inventory increase of 1.8 million barrels.
The focus now shifts to the forthcoming official data from the U.S. Energy Information Administration (EIA), expected later today. These figures are pivotal as they confirm trends in U.S. crude inventory levels, which have a profound impact on global oil prices due to the country’s substantial consumption rates.
Investors and market analysts are particularly attentive to these updates, which help in sculpting the market’s supply expectations. Interestingly, leveraging sophisticated AI tools has allowed some investors to navigate these volatile markets with notable success. Reports indicate that using this AI technology, some have managed to predict market movements accurately, leading to a remarkable 34% return on investment in just the last 24 hours.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 24/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 85.38 | Daily R2 |
| Resistance 1 | 84.58 | Daily R1 |
| Support 1 | 82.44 | Daily S1 |
| Support 2 | 81.64 | Daily S2 |
CRUDEOIL Indicator Table – 24/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 24/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
CRUDEOIL 24/04/2024 – Reference Price : 83.46
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (1) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
