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

Crude Oil Analysis Technical analysis 17/05/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 17/05/2024

Support & ResistanceLevelExplanation
Resistance 280.21Daily R2
Resistance 179.68Daily R1
Support 178.29Daily S1
Support 277.77Daily S2

CRUDEOIL Indicator Table – 17/05/2024

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

CRUDEOIL Indicator / Period Table – 17/05/2024

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

CRUDEOIL 17/05/2024 – Reference Price : 78.97

BUYSimple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (0)

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