In today’s Asian trading session, crude oil prices held above the $78 mark, reflecting a week of generally stable trading influenced by a mix of global economic factors. A weaker US dollar, coupled with a decline in American crude stockpiles and proactive economic measures from China, buoyed market sentiment, fostering optimism for increased demand.
However, the optimism was tempered by several countervailing factors throughout the week. Notably, the International Energy Agency (IEA) revised its global oil demand projections downward, injecting a note of caution into the market. Furthermore, ongoing economic uncertainties in China, a major player in oil consumption, have heightened market fluctuations. This was compounded by the United States intensifying trade tariffs on Chinese goods, which clouded future demand prospects for crude 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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