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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
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
Mixed
Gold
Mixed
GBP/USD
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
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.78%, while traders in Germany 30 are at opposite extremes with 75.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qyG3FM0e7r
  • Update on #Cryptocurrencies #BITCOIN +0.95% #BITCOINCASH -1.51% #ETHEREUM +0.76% #RIPPLE +8.21% #LITECOIN +0.83%
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/Wuzmi2C95V
  • Stocks on Wall Street retreated from record highs while Treasury yields climbed following smooth bond auctions. The Hang Seng and ASX 200 indexes are poised to gain slightly ahead of Chinese trade data. https://www.dailyfx.com/forex/market_alert/2021/04/13/SP-500-Pauses-Record-Rally-Hang-Seng-and-ASX-200-Drift-Higher.html https://t.co/elDSHDBIgJ
  • Wall Street Futures Update: Dow Jones (+0.03%) S&P 500 (+0.01%) Nasdaq 100 (-0.01%) [delayed] -BBG
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/ns6TUdfkEA
  • Semiconductor shortage labeled as a top and immediate priority for President Biden - The White House
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/eWXK8yCaI0
  • 8 out of 11 S&P 500 sectors ended higher, with 62.6% of the index’s constituents closing in the green. Consumer discretionary (+0.56%), real estate (+0.55%) and consumer staples (+0.45%) were among the best performers, while energy (-0.94%) trailed behind. https://t.co/6ld01hQLRm
  • 🇳🇿 Electronic Retail Card Spending YoY (MAR) Actual: 5.1% Previous: -5.3% https://www.dailyfx.com/economic-calendar#2021-04-12
Crude Oil Price Breakout Testing Initial Resistance Targets

Crude Oil Price Breakout Testing Initial Resistance Targets

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

Crude Oil Weekly Chart

Crude Oil Price Chart - Weekly Timeframe

Technical Outlook: Last month we highlighted that a multi-month consolidation break was imminent in crude prices with a topside breach favored. Oil broke out into the close of the year with the advance now eyeing near-term confluence resistance at 64.78- this level is defined by the 100% extension of the 2016 advance and converges on the median-line of the ascending pitchfork formation we’ve been tracking for months now.

New to Forex Trading? Get started with this Free Beginners Guide

Crude Oil Daily Chart

Crude Oil Price Chart - Daily Timeframe

The daily chart further highlights this region with near-term embedded ascending channel resistance also converging on the threhshold. Note that daily & weekly momentum remain in overbought territory and we’ll be looking for the break back below 70 to suggest a near-term correction is underway. A topside breach above this mark keeps the long-bias in play with such a scenario targeting the 2010 low at 67.17 backed by the 50% retracement at 70.41.

Why does the average trader lose? Avoid these Mistakes in your trading

Crude Oil 240min Chart

Crude Oil Price Chart - 240min Timeframe

Notes: Interim support rests at 63.23 (the measured consolidation target) with a break below the 2015 highs at 62.56 / trendline support needed to shift the medium-term focus lower. Bottom line: The immediate advance is at risk while below 64.78 but the broader focus remains constructive while above 59.12(bullish invalidation). From a trading standpoint we’re on the lookout for a pullback to ultimately offer more favorable long-entries while within the confines of the broader bullish formation.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis mini-series

Crude Oil IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short Crude Oil- the ratio stands at -1.66 (37.6% of traders are long) – bullishreading
  • Retail has remained net-short since Dec 19; price has moved 12.3% higher since then
  • Long positions are 0.8% higher than yesterday and 7.0% higher from last week
  • Short positions are 0.4% lower than yesterday and 6.9% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil - US Crude prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current Oil - US Crude price trend may soon reverse lower despite the fact traders remain net-short.

See how shifts in Crude retail positioning are impacting trend- Click here to learn more about sentiment!

---

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES