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.
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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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