Crude Oil Analysis

US Session Analysis for CFD Instruments 05/02/2024

Fundamental analysis

05 February, 2024

Crude oil is trading today at 71.84.

Oil futures were trading lower on a strengthening U.S. dollar as traders lower expectations for imminent rate cuts by the Fed.

A stronger-than-expected U.S. jobs report and Fed Chair Jerome Powell's interview on CBS's 60 Minutes sank hopes for a March rate interest-rate cut, lifting the dollar.

A stronger dollar puts pressure on prices as it makes oil more expensive for holders of other currencies, potentially reducing demand. Meanwhile, traders continue to closely watch developments in the Middle East as the Biden administration vows more attacks against Iranian proxies.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 05/02/2024

Support & Resistance	Level	Explanation
Resistance 2	73.74	Daily R2
Resistance 1	72.94	Daily R1
Support 1	70.82	Daily S1
Support 2	70.02	Daily S2

CRUDEOIL Indicator Table - 05/02/2024

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

CRUDEOIL Indicator / Period Table - 05/02/2024

Indicator / Period	Day - Sell	Week - Sell	Month - Sell
MACD( 12;26;9)	Sell	Sell	Sell
RSI (14)	Sell	Sell	Sell
SMA 20	Sell	Sell	Sell

CRUDEOIL 05/02/2024 - Reference Price : 71.88

Sell

Simple Moving Average	Buy (0)	Sell (3)
Technical Indicators - Oscillators	Buy (0)	Sell (3)

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