In today’s Asian trading session, crude oil prices exceeded $78 per barrel, influenced by heightened military activities in the Middle East. The escalation followed Israel’s decision to persist with airstrikes in the southern Gaza city of Rafah, despite ongoing peace efforts.
Reports on Monday suggested that Hamas was open to a ceasefire agreement, yet Israel found the terms unsatisfactory, leading to a continuation of its military strategy in Rafah. This ongoing conflict has sparked significant concerns about potential disruptions to global oil supplies, fueling the rise in oil prices. Market observers are closely monitoring the situation, and many have turned to sophisticated AI tools that have proven capable of predicting such market movements. Remarkably, users of this AI technology have reported achieving a 34% return on investment within just 24 hours, illustrating the power of automated forecasting in navigating market volatility. Learn more about this AI tool.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 07/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 79.96 | Daily R2 |
| Resistance 1 | 79.40 | Daily R1 |
| Support 1 | 77.90 | Daily S1 |
| Support 2 | 77.34 | Daily S2 |
CRUDEOIL Indicator Table – 07/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
CRUDEOIL Indicator / Period Table – 07/05/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Sell | Sell | Sell |
CRUDEOIL 07/05/2024 – Reference Price : 78.64
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (3) |
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