News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/hJeqJek0Ai
  • 🇯🇵 GDP Growth Rate QoQ Prel (Q1) Actual: -1.3% Expected: -1.2% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇯🇵 GDP Growth Annualized Prel (Q1) Actual: -5.1% Expected: -4.6% Previous: 11.6% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇯🇵 GDP Growth Rate QoQ Prel (Q1) due at 23:50 GMT (15min) Expected: -1.2% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇯🇵 GDP Growth Annualized Prel (Q1) due at 23:50 GMT (15min) Expected: -4.6% Previous: 11.7% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/oTgGLMCN4K
  • Top 10 Stock by Market Cap in the Nasdaq 100 – Daily Performance https://t.co/kcD1E1PW0h
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/ISsiNWIeLu
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/pjQoabbIUw
  • AUD/USD Head and Shoulders top still in play - #AUDUSD chart https://t.co/Xf3CYkDdrN
Analysis: Looking for Some Sort of Reversal in Crude Next Week

Analysis: Looking for Some Sort of Reversal in Crude Next Week

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Key cyclical turning point next week
  • Waiting for sentiment to turn more lopsided

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

The first half of next week looks potentially important for Crude from a time cycle perspective. Several short and longer-term cyclical methods converge around this time which suggests to us that the commodity is vulnerable to a reversal. Given the rather persistent grind higher over the past few weeks we favor some kind of top. A key variable we look for around these windows is an extreme in sentiment. One of our favorite metrics for gauging this is the Daily Sentiment Index or DSI which is a daily survey of short-term futures traders. As of Wednesday’s close, DSI was only around 77% bulls. Before trying to fade such a strong trend we will look for DSI to get closer to 85% bulls and price to at least test resistance near $105.00.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

Crude Chart: May 22, 2014

Analysis: Looking for Some Sort of Reversal in Crude Next Week

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk Next Week:

Analysis: Looking for Some Sort of Reversal in Crude Next Week

LEVELS TO WATCH

Resistance: 104.20 (Fibonacci), 104.90 (Gann)

Support: 102.85 (Gann), 102.05 (Fibonacci

Strategy: Sell (FXCM) USOil early next week.

Entry:Sell USOil on the first daily down close next week

Stop: No more than 1% above entry.

Target: 101.75

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES