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
EUR/USD
Bullish
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
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
Bullish
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
Gold
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • The #USD spent the bulk of Q2 in a range after a climactic Q1; and with a series of risk themes continuing to push, combined with an election in November, the door appears open for more vol in USD. Download our USD trading guide here: https://t.co/2Wo7EcwAht https://t.co/BA5dWk4wTt
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
Weekly Technical Perspective on Crude Oil Prices (WTI)

Weekly Technical Perspective on Crude Oil Prices (WTI)

2018-08-08 19:00:00
Michael Boutros, Strategist
Share:

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. Crude oil turned from long-term uptrend resistance last month with price plummeting more than 10% off the yearly highs. Today’s decline is challenging the monthly opening range lows with price now approaching broader slope support. Here are the key targets & invalidation levels that matter on the Crude Oil (WTI) weekly chart.

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

Crude Oil Weekly Price Chart (WTI)

Crude Oil Price Chart - Weekly

Notes: In last month’s Crude Oil Technical Perspective we highlighted a price reversal off confluence resistance at 75 on building momentum divergence while noting support targets at, “71.32 backed by the outside-weekly reversal close at 69.29- a break there would suggest a larger correction is underway targeting the sliding parallel (red) at ~66 and pitchfork support at 64.27- both levels of interest for possible exhaustion / long-entries IF reached.

Price has now broken below parallel support (red) with downside weekly support targets unchanged at 66 and the June close-low / pitchfork support at 64.27. Resistance now back at 69.29 with bearish invalidation lowered to 71.33.

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

Bottom line: The risk remains weighted to the downside in Crude but price is approaching levels of interest for support just lower. From a trading standpoint, I’d be reducing short-exposure heading into broader structural support – we’ll be on the lookout for possible exhaustion / long-entries on a dip lower into the aforementioned support zones. Intraday trading levels are largely unchanged but I’ll publish an updated Crude Oil scalp report once we get some further clarity on near-term price action.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

Crude Oil Trader Sentiment

Crude Oil Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long Crude Oil - the ratio stands at +1.94 (65.9% of traders are long) – bearish reading
  • Traders have remained net-long since July 11th; price has moved 9.2% lower since then
  • The percentage of traders net-long is now its highest since July 4th
  • Long positions are3.4% lower than yesterday and 2.2% lower from last week
  • Short positions are 3.9% lower than yesterday and 13.6% lower 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. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Crude Oil-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Crude Oil retail positioning are impacting trend- Learn more about sentiment!

Economic Calendar– for the 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

https://www.dailyfx.com/free_guide-tg.html?ref-author=Boutros

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

DISCLOSURES

News & Analysis at your fingertips.