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
Wall Street
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
More View more
Real Time News
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • “The UK and EU have agreed to return to the negotiating table to try to agree a post-#Brexit trade deal. But on Friday, a joint statement said ‘significant divergences’ remained.” - BBC News #GBP
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here:
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • The rising wedge is a popular reversal pattern that is predictive in nature and can give traders a clue to the direction and distance of the next price move. Incorporate the rising wedge in your trading strategy and learn more here:
  • Both the S&P 500 and $EURUSD will enter the coming week with momentum to their back. What can trip up the rallies? What could keep them going? My overview for the week ahead:
  • After the recent strength of EUR/USD, a period of consolidation is likely ahead of two critical meetings: of the European Central Bank and the European Council. Get your $EURUSD market update from @MartinSEssex here:
  • Triangle patterns have three main variations and appear frequently in the forex market. These patterns provide traders with greater insight into future price movement and the possible resumption of the current trend. Learn about triangles here:
  • Continuation patterns can present favorable entry levels to trade in the direction of the prevailing trend. Use continuation patterns in your technical analysis here:
Crude Oil Price Trades Higher for 3rd Consecutive Session

Crude Oil Price Trades Higher for 3rd Consecutive Session

2016-06-21 16:20:00
Walker England, Forex Trading Instructor

Talking Points

  • WTI Crude Oil Price Trades Higher For Third Consecutive Session
  • Short Term Resistance for Crude Oil Resides at $49.41
  • A Bullish Breakout Exposes the 2016 High at $51.64

WTI Crude Oil (CFD: US OIL) prices are currently set to close higher for the third consecutive trading session. This bounce in price occurred immediately after Crude Oil traded to a new monthly low last week at a price of $45.81. If this rally is set to continue, traders will look for Crude Oil to move on short-term values of resistance, before challenging the June 2016 high at $51.64.

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

WTI Crude Oil Daily Chart with Key Resistance

Crude Oil Price Trades Higher for 3rd Consecutive Session

(Created using Marketscope 2.0)

Today’s key value of resistance sits at $49.41. This price level is represented in the graph above as a 61.8% Fibonacci retracement, which is found between the Junes high and low mentioned previously. If prices remain under resistance, it suggests that the measured move mentioned in last week’s article may still be valid. Alternatively, if prices break above this short-term point of resistance, it opens up Crude Oil to continue its 2016 uptrend. At which point traders may look for Crude Oil prices to challenge fresh yearly highs.

The Grid Sight Index

Traders looking to monitor short-term changes in momentum may use 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) is another trading tool that can help traders by identifying the direction of retail positioning. SSI is reading at -1.53 for US OIL. This number suggests that 70% of positioning is net short the market. When read as a contrarian indicator, this suggests that Crude Oil may advance further. If Crude Oil prices do rise, it would be expected to see sentiment totals decline further. Alternatively, if prices begin to decline, it would be expected that SSI would increase towards values that are more neutral or flip to a positive value.

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.