Crude Oil Analysis

EU Session Analysis for CFD Instruments 25/01/2024

Fundamental analysis

25 January, 2024

Crude oil is trading today at 75.44.

Crude oil futures traded higher on Thursday morning following a huge decline in crude oil inventories in the US. In addition, the People's Bank of China decided to reduce banks’ reserve ratio to support its economy.

Weekly petroleum status report by the US EIA (Energy Information Administration) showed a huge decline in the crude oil inventories for the week ending January 19.

According to EIA, US commercial crude oil inventories decreased by 9.2 million barrels from the previous week. At 420.7 million barrels, US crude oil inventories were about 5 per cent below the five-year average for this time of year. Market was expecting crude oil inventories to decline by 2.15 million barrels for the week ending January 19.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 25/01/2024

Support & Resistance	Level	Explanation
Resistance 2	76.83	Daily R2
Resistance 1	76.21	Daily R1
Support 1	74.57	Daily S1
Support 2	73.95	Daily S2

CRUDEOIL Indicator Table - 25/01/2024

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

CRUDEOIL Indicator / Period Table - 25/01/2024

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

CRUDEOIL 25/01/2024 - Reference Price : 75.39

Buy

Simple Moving Average	Buy (3)	Sell (0)
Technical Indicators - Oscillators	Buy (2)	Sell (0)

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