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
Oil - US Crude
Wall Street
More View more
Real Time News
  • #2020election polls continue to show Democratic nominee Joe Biden maintaining a strong lead #Trump Supreme Court nomination may throw a wrench into bipartisan stimulus talks #AUDUSD is trading at former resistance-turned-support. What happens if it breaks?
  • USD/MXN pushes higher as a long-awaited correction in the US Dollar gets underway. Get your #currencies update from @HathornSabin here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here:
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX!
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here:
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here:
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here:
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows
Crude Oil Price Outlook: Sellers React at Confluent Resistance

Crude Oil Price Outlook: Sellers React at Confluent Resistance

2019-07-09 15:30:00
James Stanley, Strategist

Crude Oil Price Outlook Talking Points:

  • Crude oil prices have been relatively quiet so far in Q3, and this follows a rush of volatility that showed in the second-half of Q2.
  • Crude oil prices are currently seeing resistance at a confluent zone on the chart while remaining below an aggressively-sloped bearish trendline.
  • DailyFX Forecasts are published on a variety of markets such as Gold, the US Dollar or the Euro and are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

Crude Oil Prices Sticking to Resistance as Q3 Starts with Stability

Crude Oil prices continue to exhibit a tone of stability following a rush of volatility that showed in the second-half of Q2. After a strong sell-off spanned from late-April into early-June, a bullish ramp developed a few weeks ago that propelled prices into a confluent zone of resistance. This came-in around the 60-handle on WTI crude oil, with an assist from a bearish trendline taken from the April and May swing highs. Bulls did not give up easily there, as a week of struggle was accented by a flare in geopolitical tensions; but this was eventually won-out by bears posing a bearish shift last week, keeping oil bulls on the back foot as the potential for a larger breakdown remains.

WTI Crude Oil Daily Price Chart

wti crude oil price chart

Chart prepared by James Stanley

In last week’s technical piece on crude oil, a deeper zone of potential support/resistance was looked at that spanned from 57.26-57.85, with the latter of those prices functioning as the February swing-high along with both 57.25 and 57.47 as confluent Fibonacci levels. Price action posed an initial break below this zone after last week’s bearish push, but prices have since retraced back into this zone with sellers showing a response as indicated by the upper wicks on the four-hour chart from the past few trading days. This can keep the door open for short-side swing approaches, targeting a re-test of the 55-area on the chart.

WTI Crude Oil Four-Hour Price Chart

wti crude oil price chart

Chart prepared by James Stanley

WTI Crude Oil Longer-Term

Should that area around the price of 55 soon give way, there’s an additional area of support below that could remain of interest, and this takes place from 50.54-51.59. This was looked at coming into June and this is the area that bulls re-grabbed control of crude oil price action last month. This could remain as a secondary area of support potential should the decline continue, after which the psychological level of 50 comes into play.

On the bullish side of oil prices, given the amount of resistance that showed around the 60-handle, traders would likely want to wait for a confirmed break of that zone before looking to re-institute bullish strategies on WTI crude oil.

WTI Crude Oil Weekly Price Chart

wti crude oil price chart weekly

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for

Contact and follow James on Twitter: @JStanleyFX

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