Crude Oil Analysis

EU Session Analysis for CFD Instruments 10/10/2023

Fundamental analysis

10 October, 2023

Crude Oil is trading today at 86.03.

Crude oil futures, which gained more than 4 per cent on Monday, traded lower on Tuesday morning as the markets analysed the potential impact of Israel and Hamas war on the crude oil market.

Market reports said Israel produces very little oil. However, a continued war between Israel and Hamas could impact the crude oil supply from West Asia to the world market. It could aggravate the supply tightness in the market.

Market reports also noted that the current war situation in West Asia could also impact the plans of the US to broker a peace deal between Saudi Arabia and Israel. Allegations of Iran’s involvement in the attack on Israel may lead to the tightening of sanctions by the US.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 10/10/2023

Support & Resistance	Level	Explanation
Resistance 2	88.068	Daily R2
Resistance 1	87.182	Daily R1
Support 1	84.818	Daily S1
Support 2	83.932	Daily S2

CRUDEOIL Indicator Table - 10/10/2023

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

CRUDEOIL Indicator / Period Table - 10/10/2023

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

CRUDEOIL 10/10/2023 - Reference Price : 86.000

Buy

Simple Moving Average	Buy (1)	Sell ()
Technical Indicators - Oscillators	Buy (2)	Sell (1)

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