In today’s Asian trading session, crude oil prices exceeded $79 per barrel, fueled by a combination of encouraging economic data from China and growing geopolitical tensions. Notably, China’s recent customs data revealed a 1.5% increase in exports for April, a significant rebound from a 7.5% decline in March, signaling a potential recovery in economic activity.
Furthermore, geopolitical developments have heightened market anxieties, particularly due to Israel’s intensified military postures in Gaza. Despite ongoing peace efforts, the Israeli government has expressed its intention to expand military operations within the region, igniting concerns over potential disruptions in oil supply. These factors collectively contribute to the volatile dynamics in the crude oil markets.
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Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 10/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 80.91 | Daily R2 |
| Resistance 1 | 80.45 | Daily R1 |
| Support 1 | 79.23 | Daily S1 |
| Support 2 | 78.77 | Daily S2 |
CRUDEOIL Indicator Table – 10/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 10/05/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Sell | Sell |
CRUDEOIL 10/05/2024 – Reference Price : 79.85
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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