In today’s Asian trading session, crude oil prices trended downward, slipping below the $78 mark. This recent decline is closely tied to China’s latest economic figures. Despite a slight increase in the consumer price index (CPI) to 0.3% in April from 0.1% in March, marking a third month of incremental growth, the producer price index (PPI) experienced a sharper decline, falling by 2.5% in April. This ongoing reduction marks the 19th consecutive month of decreases, as reported by China’s National Bureau of Statistics.
The economic indicators from China are particularly impactful given the country’s significant role in global crude oil consumption. These figures are critical as they influence expectations around China’s economic recovery and consequently, the global demand for crude oil. Interestingly, amidst these market dynamics, users of a particular AI trading tool have reported remarkable success, managing to predict market movements in autopilot and achieving over 34% Return on Investment in just the last 24 hours. Learn more about this AI-driven trading success.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 13/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 78.62 | Daily R2 |
| Resistance 1 | 78.15 | Daily R1 |
| Support 1 | 76.91 | Daily S1 |
| Support 2 | 76.44 | Daily S2 |
CRUDEOIL Indicator Table – 13/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 13/05/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| SMA 20 | Sell | Sell | Sell |
CRUDEOIL 13/05/2024 – Reference Price : 77.57
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (1) |
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