In today’s Asian trading session, Crude Oil hovered around the $84 mark, showing signs of recovery after recent downturns. The commodity is on track to end the week on a positive note, breaking a streak of two weeks of declines.
The recent boost in oil prices is largely attributed to optimistic comments from U.S. officials and persistent concerns over supply disruptions due to Middle Eastern tensions. In a recent interview, U.S. Treasury Secretary Janet Yellen expressed optimism about the U.S. economy, suggesting that GDP growth for the first quarter might be revised upwards. Yellen also predicted a decrease in inflation, noting that the economy had been held back by several extraordinary factors, resulting in its weakest performance in almost two years.
These developments are closely watched by market participants, as they could have significant implications for global economic health and energy demand. Interestingly, the use of sophisticated AI technology has enabled some investors to navigate these market dynamics more effectively. Users of this AI have reported a remarkable ability to predict market movements, achieving over 34% return on investment in just the last 24 hours. For more details, click here.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 26/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 85.65 | Daily R2 |
| Resistance 1 | 84.95 | Daily R1 |
| Support 1 | 83.07 | Daily S1 |
| Support 2 | 82.37 | Daily S2 |
CRUDEOIL Indicator Table – 26/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Neutral |
CRUDEOIL Indicator / Period Table – 26/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
CRUDEOIL 26/04/2024 – Reference Price : 84.00
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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