In today’s Asian trading session, crude oil prices hovered above the $78 mark, maintaining a stable trajectory as the week draws to a close. The market has seen a net positive trend influenced by several key factors, including a weakening U.S. dollar, a noticeable decline in U.S. oil inventories, and proactive economic stimulus measures by China, which collectively suggest a potential uptick in demand.
Despite these encouraging signs, the crude oil market continues to navigate a landscape of mixed indicators. This week, the International Energy Agency (IEA) adjusted its global oil demand projections downward, injecting a level of caution into the market. Moreover, ongoing economic uncertainties in China, the world’s top oil consumer, have intensified market fluctuations. These concerns were compounded by new U.S. trade tariffs against Beijing, which cloud the future demand for oil.
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Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 17/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 80.21 | Daily R2 |
| Resistance 1 | 79.68 | Daily R1 |
| Support 1 | 78.29 | Daily S1 |
| Support 2 | 77.77 | Daily S2 |
CRUDEOIL Indicator Table – 17/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 17/05/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Sell | Sell |
CRUDEOIL 17/05/2024 – Reference Price : 78.97
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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