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Crude Oil Prices Close Weekly Trading Higher

Crude Oil Prices Close Weekly Trading Higher

Walker England, Forex Trading Instructor

Talking Points:

Crude Oil prices have bounced to close Friday’s trading higher, despite Fed Chair Janet Yellen’s statement that interest rate hikes may occur “Fairly Soon”. This bounce should be seen as significant as other commodities such as Gold are set to close this week’s trading near their monthly lows. Going into next week’s trading, traders should continue to watch important Fundamental events such as Wednesdays Crude Inventories data and the release of last months Fed Minutes. Both events have the ability to rock the current trend in Crude Oil prices, despite Friday’s close higher.

Technically, Crude Oil prices are set to close the week back above the 200 day MVA (simple moving average). Typically this is seen as a bullish signal, and traders should note that Crude Oil began the week trading back under this average. As such, this indicator can be used as a proxy for the underlying trend in the commodity. Currently the MVA is found at $44.21, and traders should continue to monitor this level going into next week’s news filled event calendar.

Crude Oil Price, Daily with 200 MVA

Crude Oil Prices Close Weekly Trading Higher

(Created Using TradingView Charts)

Intraday analysis for Crude Oil prices should focus on Wednesdays high at $46.55 and Friday’s low of $44.54. These points will be acting as values of resistance and support for the commodity respectively. If Crude Oil opens Mondays trading above $46.55, this could be seen as a bullish signal with prices putting in a new technical swing high. Alternatively if Crude trades below $44.54, this breakout below short term support would again expose prices to the longer term support value found at the previously mentioned moving average.

Crude Oil Price, 30 Minute with Pivots

Crude Oil Prices Close Weekly Trading Higher

(Created Using TradingView Charts)

--- Written by Walker, Analyst for DailyFX.com

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

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