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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
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
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
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
  • The risk rally continued in a big way this week and #Euro bulls have remained in-charge against the US Dollar and Japanese #Yen. Get your market update from @JStanleyFX here: https://t.co/o7vPmczvMJ https://t.co/GX2YTXz83u
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
Crude Oil Price Forecast: Bounce or Breakout?

Crude Oil Price Forecast: Bounce or Breakout?

2016-11-01 18:10:00
Walker England, Forex Trading Instructor
Share:

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 DailyFX.com

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.

DISCLOSURES

News & Analysis at your fingertips.