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. See our updated Privacy Policy here.

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
Wall Street
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
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • 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/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/fIO9TP7D62
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/9po5Lg4vnR
Weekly Technical Perspective on Crude Oil Prices

Weekly Technical Perspective on Crude Oil Prices

Michael Boutros, Strategist

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. Here are the key levels that matter on the weekly charts for Crude Oil prices. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Trading? Get started with this Free Beginners Guide

Crude Oil Weekly Price Chart

Crude Oil Price Chart - Weekly Timeframe

Notes:Last month we highlighted a key resistance zone in crude prices at, “70.42-71.32 where the 100% extension of the 2016 advance and the 50% retracement of the 2011 decline converge on the median-line.” Price registered a high-close at 71.33 before posting an outside weekly reversal off parallel resistance (on building RSI divergence).

Oil is down more than 10% off the yearly high at this point with prices testing parallel support today in New York trade. We’re likely to see some back-and-fill (recovery) here but the broader risk remains lower while below the yearly high-week close at 67.46. Ultimately a breach / close above the 70.42-71.32 resistance range would be needed to mark resumption of the broader uptrend.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Crude Oil Weekly Price Chart (Analog)

Please add a description for the image.

Bottom line: We’ve been tracking this price analog with the 2009 advance in crude oil since the start of the year. The analysis suggests sideways-to-lower price action over the next few weeks with a break lower from here targeting support objectives at the lower median-line parallel, currently around ~61.80s- look for a more prominent reaction there IF reached (area of interest for possible near-term exhaustion / long-entries). Keep in mind we get the release of crude oil inventories tomorrow at 2:30pm ET.

Crude Oil IG Client Positioning

Crude Oil IG Trader Sentiment
  • A summary of IG Client Sentimentshows traders are net-long the Crude Oil (USOil)- the ratio stands at +1.71 (63.1% of traders are long) – bearishreading
  • Retail has remained net-long since May 25th ;price has moved 8.1% lower since then
  • Long positions are 2.5% lower than yesterday and 11.7% higher from last week
  • Short positions are 2.3% lower than yesterday and 1.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall. However, retail traders are less net-long than yesterday but more net-long from last week and the combination of current positioning and recent changes gives us a further mixed Crude Oil trading bias from a sentiment standpoint.

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

Economic Calendar - latest economic developments and upcoming event risk

Previous Weekly Technical Perspectives

--- Written by Michael Boutros, Technical 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