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
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Heads Up:🇬🇧 BoE Credit Conditions Survey due at 09:30 GMT (15min)
  • 🇿🇦 Retail Sales YoY (NOV) Actual: -4% Expected: -2.5% Previous: -2.3%
  • 🇵🇱 Employment Growth YoY (DEC) Actual: -1% Expected: -1.2% Previous: -1.2%
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • 🇪🇸 Balance of Trade (NOV) Actual: €-0.59B Previous: €-0.65B
  • 🇳🇴 Norges Bank Interest Rate Decision Actual: 0% Expected: 0% Previous: 0%
  • 🇵🇱 Employment Growth YoY (DEC) Actual: -1.0% Expected: -1.2% Previous: -1.2%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.35%. See the summary chart below and full details and charts on DailyFX:
  • Heads Up:🇪🇸 Balance of Trade (NOV) due at 09:00 GMT (15min) Previous: €-0.65B
  • Heads Up:🇵🇱 Employment Growth YoY (DEC) due at 09:00 GMT (15min) Expected: -1.2% Previous: -1.2%
Crude Oil Price Forecast: Market Prepares To Breakout

Crude Oil Price Forecast: Market Prepares To Breakout

Walker England, Forex Trading Instructor

Talking Points:

  • Crude Oil Prices Consolidate As Volatility Subsides
  • Daily Breakouts May Influence Longer Term Trends
  • Crude Oil MVA Support is Found at $43.74

Crude Oil prices have failed to follow through on yesterday’s bullish advance as market volatility has at least temporarily subsided. Currently, if prices close at present levels, Crude Oil will conclude the session with the creation of an inside bar. If prices fail to move significantly to a new high or low, this suggests that traders may use yesterdays’ high and low to plan for the markets next breakout.

Resistance for Crude Oil may be found at Wednesdays daily high of $45.92. Alternatively, support is found at the low of $43.06. If prices breakout, traders may use this $2.86 trading range to extrapolate potential targets. This places initial bullish breakout targets at a Crude Oil price of $48.78, and bearish breakouts to target a move towards $40.20.

Crude Oil Price, Daily Inside Bar

Please add a description for the image.

(Created Using TradingView Charts)

Traders should note that a breakout in either direction will have a significant effect on Crude Oils 2016 trend. As seen below, a bearish breakout below $40.20 places Crude Oil prices back below the 200 day MVA (simple moving average). While the MVA itself is found at $43.74, a close below this point would suggest the beginning of a new bearish trend for Crude.

Alternatively, if Crude Oil breaks higher above $45.92, it would suggest that the 200 MVA is still an active value of support for the commodity. In this bullish scenario, Crude Oils prevailing trend may still be interpreted as up. This would allow traders to again target new 2016 yearly highs above $51.91

Crude Oil Price, Daily with 200 SMA

Please add a description for the image.

(Created Using TradingView Charts)

--- Written by Walker, Analyst for

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.