In today’s trading within the Asian markets, crude oil prices are marked above $78 per barrel, maintaining their ascent. This upward movement is partly due to recent U.S. consumer inflation data which came in below market forecasts, resulting in a weaker dollar and heightening speculation about the likelihood of upcoming interest rate cuts.
Furthermore, the unexpectedly significant drop in U.S. crude inventories last week has sparked discussions about tightening global supply in the near future. Additionally, traders are closely monitoring a developing situation in Galveston, Texas, which could potentially affect oil flow and supply dynamics.
It’s noteworthy that individuals leveraging advanced AI tools in their trading strategies have capitalized on these market dynamics, navigating the complexities of the oil market on autopilot and realizing an impressive 34% return on investment in just the last 24 hours. Discover more about the impact of AI on trading.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 16/05/2024
Support & Resistance | Level | Explanation |
Resistance 2 | 79.74 | Daily R2 |
Resistance 1 | 79.26 | Daily R1 |
Support 1 | 77.96 | Daily S1 |
Support 2 | 77.48 | Daily S2 |
CRUDEOIL Indicator Table – 16/05/2024
Indicator | Signal |
SMA 20 | Buy |
SMA 50 | Buy |
SMA 100 | Sell |
MACD( 12;26;9) | Sell |
RSI (14) | Buy |
Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 16/05/2024
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 16/05/2024 – Reference Price : 78.56
BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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