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

Crude Oil Analysis Technical analysis 16/05/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 16/05/2024

Support & ResistanceLevelExplanation
Resistance 279.74Daily R2
Resistance 179.26Daily R1
Support 177.96Daily S1
Support 277.48Daily S2

CRUDEOIL Indicator Table – 16/05/2024

SMA 20Buy
SMA 50Buy
SMA 100Sell
MACD( 12;26;9)Sell
RSI (14)Buy
Stochastic ( 9;6;3)Buy

CRUDEOIL Indicator / Period Table – 16/05/2024

Indicator / PeriodDay – BuyWeek – SellMonth – Sell
MACD( 12;26;9)SellBuyBuy
RSI (14)BuyNeutralNeutral
SMA 20BuySellSell

CRUDEOIL 16/05/2024 – Reference Price : 78.56

BUYSimple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (1)

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