Crude Oil Analysis

EU Session Analysis for CFD Instruments 18/10/2023

Fundamental analysis

18 October, 2023

Crude Oil is trading steady today at 87.12.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $87.12 so far on Wednesday. A surge in oil prices is bolstered by the escalating tension in the Middle East after hundreds were killed in a blast at a Gaza hospital, which triggered the fear of potential oil supply disruptions.

Also driving the Gold price up was the latest GDP Q3 2023 economic data from China indicating recovery in the second’s world largest economy.

The American Petroleum Institute (API) reported on Tuesday that US crude oil inventories fell nearly 4.383M barrels for the week ending October 13 from the previous reading of 12.93M barrels rise.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 18/10/2023

Support & Resistance	Level	Explanation
Resistance 2	89.218	Daily R2
Resistance 1	88.302	Daily R1
Support 1	85.858	Daily S1
Support 2	84.942	Daily S2

CRUDEOIL Indicator Table - 18/10/2023

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 - 18/10/2023

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

CRUDEOIL 18/10/2023 - Reference Price : 87.080

Buy

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

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