Crude Oil Analysis

US Session Analysis for CFD Instruments 02/04/2024

Fundamental analysis

02 April, 2024

Crude Oil is trading slightly higher today in the European session above the $85 level.

Oil prices surged during early European trading on Tuesday, buoyed by indications of heightened demand and escalating tensions in the Middle East.

Manufacturing activity in both China and the U.S. expanded in March, marking the first growth in six months and 1-1/2 years, respectively. Market observers interpreted this as a positive sign for increased oil demand, with China being the world’s largest crude importer and the U.S. the largest consumer.

Meanwhile, in the Middle East, an Israeli strike on Iran’s embassy in Syria resulted in the deaths of seven military advisors, including three senior commanders. This event marks a significant escalation in a conflict that has persisted for nearly six months, sparking concerns about potential disruptions to oil supply.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 02/04/2024

Support & Resistance	Level	Explanation
Resistance 2	86.30	Daily R2
Resistance 1	85.84	Daily R1
Support 1	84.60	Daily S1
Support 2	84.14	Daily S2

CRUDEOIL Indicator Table - 02/04/2024

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

CRUDEOIL Indicator / Period Table - 02/04/2024

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

CRUDEOIL 02/04/2024 - Reference Price : 85.17

Buy

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

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