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Crude Oil Forecast: Technical Range Continues

Crude Oil Forecast: Technical Range Continues

Walker England, Forex Trading Instructor


Talking Points

Crude Oil prices are now set to range for the 5th consecutive trading session, as the commodity fails to breakout to new daily highs or lows. Support for the price of Crude falls near $46.50, while resistance is found under $48.43. This range is ultimate a part of a broader consolidating pattern, with Crude Oil Prices failing to make significant highs since August’s peak price of $48.96

Losing Money Trading? This could be why !

Crude Oil Price (Ticker: USOil) Daily Chart

Traders watching intraday values of support and resistance should note that Crude Oil is currently trading near today’s S3 pivot at $46.93. If the price of Crude drops below this point it opens the commodity up to test the S4 pivot at $46.51. In this scenario, prices would be breaking the bottom of the previously mentioned trading range and would suggest further weakness for Crude Oil. If prices remains supported, this opens Crude Oil prices to rebound back towards values of resistance. For today that includes the R3 pivot at $47.76, and the R4 pivot at $48.20.

Crude Oil Price (Ticker: USOil) 30 Minute

Chart prepared by Walker England

The ratio of long to short positions for Crude Oil (Ticker: USOil) stands at -1.54. This SSI (speculative sentiment index) reading shows that 61% of positioning is currently short the market. Typically, a negative reading in SSI suggests that Crude Oil prices may trade higher. If prices do breakout lower, it would be expected SSI to neutralize and then flip to a positive value.

Are traders long or short the market Find out here !

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