In today’s Asian trading session, crude oil prices are observed trading under the $78 mark. The session opened on a subdued note due to emerging signs that supply fears are easing, coupled with an anticipatory focus on upcoming U.S. inventory data.
Recent data from the American Petroleum Institute indicates an unexpected rise in U.S. crude and fuel stockpiles, contrary to previous forecasts, hinting at a cooling demand. Despite the ongoing geopolitical unrest in the Middle East, particularly the military activities in Gaza, market reactions have been tempered as diplomatic efforts for peace continue.
On another positive note, oil prices saw an uptick yesterday after announcements that the U.S. government plans to replenish the Strategic Petroleum Reserve with more than 3 million barrels, reflecting proactive measures to stabilize national reserves.
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Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 08/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 79.15 | Daily R2 |
| Resistance 1 | 78.63 | Daily R1 |
| Support 1 | 77.25 | Daily S1 |
| Support 2 | 76.73 | Daily S2 |
CRUDEOIL Indicator Table – 08/05/2024
| 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 – 08/05/2024
| 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 08/05/2024 – Reference Price : 77.92
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (3) |
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