In today’s Asian trading session, crude oil prices trended below the $83 mark, reflecting a cautious optimism in the market. The decline in oil prices comes amid significant developments in Middle Eastern geopolitics, where Israel has proposed a 40-day ceasefire to Hamas. This proposal was discussed in Egypt, where both parties are looking to negotiate terms. Reports indicate that the Hamas delegation has left Egypt and is expected to provide a written response to Israel’s ceasefire offer soon. The potential for a ceasefire has introduced a degree of stability in the region, temporarily easing the geopolitical tensions that have historically driven volatility in crude oil markets. Notably, individuals utilizing advanced AI technology for market predictions have capitalized on these fluctuations, achieving an impressive 34% return on investment in just the last 24 hours by forecasting these market movements. For more insights on this AI technology, visit this link.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 30/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 83.46 | Daily R2 |
| Resistance 1 | 82.96 | Daily R1 |
| Support 1 | 81.62 | Daily S1 |
| Support 2 | 81.12 | Daily S2 |
CRUDEOIL Indicator Table – 30/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
CRUDEOIL Indicator / Period Table – 30/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
CRUDEOIL 30/04/2024 – Reference Price : 82.33
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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