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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Real Time News
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your $AUD market update from @ddubrovskyFX here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • The gold price rebound keeps XAU/USD within the confines of the August downtrend. From a trading standpoint. Get your $XAUUSD market update from @MBForex here:
WTI Crude Oil Price Turn Lower Under Resistance

WTI Crude Oil Price Turn Lower Under Resistance

Walker England, Forex Trading Instructor

Talking Points

  • WTI Crude Oil Price Turns Below Resistance at $51.06
  • Bullish Breakouts Opens Crude Oil Prices to Test $60.84
  • A Bearish Turn Suggests a Return to Oils Long Standing Downtrend

WTI Crude Oil (CFD: US OIL) prices have closed lower for the previous four consecutive sessions. This decline in prices occurred immediately after Crude Oil tested and failed to breakout from critical resistance found near $51.06. This point is graphically displayed below as a measured move from the April 2016 low at $35.22.

Looking for additional trade ideas for Crude Oil and Commodities? Check out our Trading Guide

WTI Crude Oil Daily Chart with Key Resistance

WTI Crude Oil Price Turn Lower Under Resistance

(Created using Marketscope 2.0)

Going into this afternoons FOMC rate decision traders should continue to monitor values of support and resistance. A breakout above $51.06 would invalidate the highlighted measured move, and open prices to test the next Fibonacci extension near $60.84. Alternatively, if prices trade lower, it may open Crude Oil Prices to trade towards new monthly lows below $47.53. As Crude Oil prices begin to reflect newly developed market data, traders may also elect to use a series of trading tools to help gauge the changes in market conditions.

The Grid Sight Index

Traders may monitor these key values going into today’s FOMC event using the Grid Sight Index (GSI). This trading tool is designed to review millions of historical pricing points in real time. Then it studies those events to show you how often the trend continued or reversed in the past. This information can be extremely helpful for traders looking to pinpoint a market turn or in conjuncture with a breakout based strategy.

For those that are unfamiliar with the Grid Sight Index, you can review our tutorial and find real time updated data HERE.

Speculative Sentiment Index

The Speculative Sentiment Index (SSI) can also help traders decipher the market by identifying the direction of retail positioning. Currently SSI is reading at -1.23 for US OIL. This number suggests that 55% of current positioning is net long the market. Typically, SSI is read as a contrarian indicator. This means if Crude Oil prices advance, it would be expected that SSI totals decline further. Alternatively, if prices reverse lower, it would be expected that SSI would increase towards values that are more neutral.

If you are new to trading with SSI, view our training video and download the free indicator HERE.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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