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
More View more
Real Time News
  • BoJ Minutes: Members say YCC framework has been working well. A few members noted that active ETF buying should continue for time being -BBG
  • In her confirmation as Secretary of Treasury, Janet Yellen becomes the first person in American history to hold the triumvirate of Sec'y of Treasury, Fed Chair, and Chair of the Council of Economic Advisors.
  • Stocks may have brushed aside news the US fiscal package may not arrive before mid-March But, you know what didn't? Treasuries Average of 10Y and 30Y rates at lowest since late Dec Stopped right on the 20-day SMA Overall, coming off March 2020 peaks, but AUG uptrend holds
  • The calls for stimulus will be strong in the United States between Secretary Yellen, Chair Powell and President Biden. Now, is that a benefit to the Dollar for relative risk or a detriment in inflation terms?
  • Heads Up:🇨🇭 World Economic Forum Annual Meeting due at 00:00 GMT (15min)
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min)
  • The Bitcoin/Ethereum ratio’s break to its lowest levels since August 2018 suggests that ETH may continue to outperform BTC in the coming weeks. Key levels to watch for Bitcoin and Ethereum. Get your $btc market update from @DanielGMoss here:
  • US Senate confirms former Fed Chair Janet Yellen as Treasury Secretary -AFP
  • 🇰🇷 GDP Growth Rate YoY Adv (Q4) Actual: -1.4% Expected: -1.7% Previous: -1.1%
  • Majority of US Senate votes to confirm Janet Yellen as Treasury Secretary, voting will continue - BBG
Crude Oil Price Forecast: Bounce or Breakout?

Crude Oil Price Forecast: Bounce or Breakout?

Walker England, Forex Trading Instructor

Talking Points:

Crude Oil prices have declined to test a daily value of support near today’s low of $46.26. This price decline has been predicated on some OPEC members hinting that they may be unwilling to cut production going into a meeting in Vienna later this month. This news has left many Oil traders sidelined, as prices may be prepared to bounce higher or breakout lower at current levels.

Below, we can see Crude Oil currently supported by an ascending trendline. This line has been formed by connecting a series of higher lows beginning with the August 3rd low at $39.17. A breakout below this value would be significant, and would suggest that Crude Oil’s 2016 uptrend may be in jeopardy. Alternatively if Crude Oil Prices remain supported at present levels, it may suggest a future bounce in prices back towards 2016 highs of $51.90.

Crude Oil Prices.

Crude Oil Price Forecast: Bounce or Breakout?

(Created Using TradingView Charts)

In the short run, Crude Oil prices can be seen bouncing off of the current daily lows in the 10 minute chart below. Despite this bounce, the Grid Sight Index (GSI) has interpreted the commodities move as a short term downtrend. Now, after reviewing 3,992,204 pricing points, GSI has indicated that prices have historically continued to decline by $0.22 or more in 56%. The first current bearish price distribution is found at $46.23. Traders should continue to monitor this value, as a move through this point may signify a fresh breakout in Crude Oil prices.

Alternatively, GSI has indicated that prices have risen by $0.48 or more in 56% percent of the 37 identified historical events. A bounce in price to $46.93 could be seen as the beginning of a retracement or a reversal of this morning’s decline. Traders looking for further confirmation of a bullish reversal, may elect to wait for Crude Oil prices to move through the final historical bullish distribution found at a price of $47.53.

Crude Oil Price Forecast: Bounce or Breakout?

--- 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.