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
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
More View more
Real Time News
  • PBoC sets Yuan reference rate at 6.6725 against the US Dollar - BBG
  • #Silver retracing its losses earlier in the session as price carves out a Bear Flag pattern With resistance at $25 holding firm, further losses appear in the offing A daily close below the 21-DMA (24.20) may open the door for a retest of 61.8% Fib support (21.74) $SLVR $SLV
  • The Nasdaq 100 index looks set to pull back amid bearish momentum in the near term. The 50-Day Simple Moving Average (SMA) line may serve as an immediate support. Get your #equities update from @margaretyjy here:
  • $GBPUSD the outlier early in the session, up marginally as UK-EU Brexit negotiators extend talks until October 28
  • #CrudeOil down 1.95% on the back of tightening #COVID19 restrictions in several European nations $EURUSD nudging marginally lower
  • Market Snapshot Broad risk-off tilt to kick-off APAC trade #Gold and #CrudeOil prices plunging lower alongside the risk-sensitive $AUDUSD Haven-linked $JPY and $USD moving higher against their major counterparts
  • Wall Street Futures Update: Dow Jones (-0.504%) S&P 500 (-0.536%) Nasdaq 100 (-0.484%) [delayed] -BBG
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX!
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here:
Crude Oil Prices Target Resistance Ahead of OPEC

Crude Oil Prices Target Resistance Ahead of OPEC

2017-05-23 19:00:00
Michael Boutros, Strategist

Talking Points

  • Crude Oil prices rally vulnerable as prices approach near-term resistance ahead of OPEC
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

Crude Daily

Crude Oil Daily Chart

Technical Outlook:Crude prices are approaching a key resistance range we’ve been tracking at 51.40/64- this region is defined by the June 2016 swing high and the October high-day close and converges on the upper median-line of the descending pitchfork extending off the yearly high.

The focus is on this resistance range with the immediate topside bias vulnerable near-term while below this threshold. Interim support rests at 50.70 with broader bullish invalidation set to the monthly opening-range highs at 49.17 (note the 200-day moving average also rests here). A breach higher targets initial objectives at basic trendline resistance extending off the yearly highs (currently around 52.60s) and the April highs.

Check out our Crude Oil 2Q projections in our Free DailyFX Trading Forecasts.

Crude 240min

Crude Oil 240min Chart

Notes: A closer look at price action further highlights this near-term resistance zone with the weekly opening range taking shape just below- look for the break for further validation of our near-term directional bias. Interim support rests at 50.70 with a near-term bullish invalidation set to 49.60/86.

A topside breach of this region targets the April high at 53.74 backed by the 76.4% retracement at 54.29. Keep in mind that the OPEC meeting is slated for Thursday and is likely to fuel added volatility in crude prices.

Crude Sentiment
  • A summary of IG Client Sentiment shows traders are net-long crude- the ratio stands at +1.2 (54.6% of traders are long)- bearish reading
  • Traders have remained net-long since April 19 when Crude traded near 53.12; price has moved 3.4% lower since then
  • Long positions are 8.1% lower than yesterday and 34.0% lower from last week
  • Short positions are 7.2% higher than yesterday and 37.1% higher from last week
  • Although sentiment continues to point lower, the recent dramatic pullback from extremes in long positioning does warn of a possible shift in retail here and gives a further mixed near-term signal on crude prices. From a trading standpoint, we’ll be looking for either a dip into structural support near 49.60/86 or a topside breach through 51.64.

See how shifts in Crude Oil retail positioning are effecting market trend- Click here to learn more about IG Client Sentiment indicators!


Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at or Click Here to be added to his email distribution list.

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