In today’s Asian market session, crude oil is being traded above the $78 mark. Over the past week, West Texas Intermediate (WTI) crude oil prices have remained stable within the $77 to $80 per barrel range, demonstrating slight weekly progress. Market participants are keenly anticipating the release of pivotal monthly oil reports from both OPEC and the International Energy Agency (IEA), as well as forthcoming US CPI data and retail sales figures later this week.
While crude oil prices experienced a notable increase of 16% in the first quarter of 2024, there has been a substantial pullback since April, with a 7% decrease attributable to the easing of geopolitical tensions in the Middle East, which has diminished risk premiums associated with the commodity. Despite this recent drop, crude prices have maintained a 10% gain year-to-date. This is largely due to ongoing production constraints enforced by OPEC and its allies, with expectations that these controls will extend into the latter half of the year.
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Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 14/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 79.89 | Daily R2 |
| Resistance 1 | 79.39 | Daily R1 |
| Support 1 | 78.07 | Daily S1 |
| Support 2 | 77.57 | Daily S2 |
CRUDEOIL Indicator Table – 14/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Sell |
CRUDEOIL Indicator / Period Table – 14/05/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Sell | Sell |
CRUDEOIL 14/05/2024 – Reference Price : 78.72
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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