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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/E8nwHmBwE6
  • Missed the weekly outlook webinar today? See the recording here: https://t.co/7vz7cXUZfJ #Dollar #stimulus #stocks #gold
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 Eco Watchers Survey Outlook (FEB) Actual: 51.3 Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Gold, Crude Oil Price Forecast: Edging Higher on the Back of Stimulus, Saudi Oil Facility Attack https://www.dailyfx.com/forex/market_alert/2021/03/08/Gold-Crude-Oil-Price-Forecast-Edging-Higher-on-the-Back-of-Stimulus-Saudi-Oil-Facility-Attack.html https://t.co/ZXrwjTaK3W
  • 🇯🇵 Eco Watchers Survey Current (FEB) Actual: 41.3 Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/ZdQnb2WoEc
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (FEB) due at 06:00 GMT (15min) Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
Oil Price Outlook: Crude Breakout Battles 60- WTI Trade Levels

Oil Price Outlook: Crude Breakout Battles 60- WTI Trade Levels

Michael Boutros, Strategist

Oil prices are higher by nearly 1% since the start of the week but crude continues to hold below a key resistance zone we’ve been tracking since the start of the year. These are the updated targets and invalidation levels that matter on the Oil charts (WTI) this week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

Crude Oil Daily Price Chart (WTI)

Oil Price Chart - Crude Daily - WTI

Technical Outlook: In my latest Oil Weekly Technical Outlook, we noted that price was testing a critical resistance, “confluence at 59.61-60.06 where the 50% retracement of the October decline and the 2018 open converge on the 2015/ 2016 pitchfork resistance- look for a larger reaction there IF reached.” Crude has continued to respect this region (on a close basis) for the past few weeks with price marking bearish momentum divergnce into the highs.

Daily support rests at the February trendline / monthly open at 57.24 with broader bullish invalidation at the 38.2% retracement of the 2018 range at 55.53. A topside breach / close above targets subsequent resistance objectives at the 200-day moving average at 61.62 backed by the 20165 high at 62.56.

Learn how to Trade with Confidence in our Free Trading Guide

Crude Oil 120min Price Chart (WTI)

Oil Price Chart - Crude 120minute - WTI

Notes: A closer look at price action shows oil trading within the con

fines of an ascending pitchfork formation extending off the late-February / March lows. Crude turned just ahead of the upper parallel last week last week with another failed attempt to mount the 60-handle this week leaving the long-bias vulnerable near-term.

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

Bottom line: Oil prices have set the weekly opening-range just below key resistance and we’re looking for the break for guidance. From a trading standpoint, the immediate threat is lower while below 60 but the broader trade remains constructive while within this formation - IF crude prices are indeed heading higher, look for downside exhaustion ahead of the monthly open with a topside breach / close needed to fuel the next leg higher in price.

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

Crude Oil Trader Sentiment

Oil Trader Sentiment - WTI Positioning
  • A summary of IG Client Sentiment shows traders are net-short Crude Oil- the ratio stands at -1.32 (43.1% of traders are long) – weak bullish reading
  • Long positions are12.7% lower than yesterday and 13.3% lower from last week
  • Short positions are 17.7% higher than yesterday and 9.9% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil prices may continue to rise. Traders are further net-short than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Crude Oil-bullish contrarian trading bias from a sentiment standpoint.

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

---

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES