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Oil Price Outlook: WTI Crude Oil Price Action Builds Bear Flag

Oil Price Outlook: WTI Crude Oil Price Action Builds Bear Flag

2019-07-16 12:30:00
James Stanley, Currency Strategist
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WTI Crude Oil Price Outlook Talking Points:

  • WTI crude oil prices have pushed back-below the 60-handle, fading-out some of last week’s strength as the supply disruption from Tropical Storm Barry appears to be less-than-feared.
  • The support/resistance zone that spans from 59.64-60.00 held as resistance from late-May and into July. But last week’s bid helped prices to test-above that zone temporarily. With sellers posing another push below, bearish potential has come back into oil markets.
  • DailyFX Forecasts are published on a variety of markets such as Gold, the US Dollar or the Euro and are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

Crude Oil Crosses Back-Below 60

WTI crude oil prices have re-crossed the psychological 60 level and last week’s bounce is now being faded as supply disruption from Tropical Storm Barry hasn’t been as bad as feared. While that theme helped to push the bid last week with Oil prices testing above a big area of resistance around the 60-handle, the cessation of that fear has allowed prices to begin dropping again, re-opening the door for bearish strategies. This was discussed last Friday, noting the doji that had built around Thursday price action with another showing on the daily chart for Friday. Yesterday saw a strong gust of selling that pushed prices below the key 59.64-60 zone.

WTI Crude Oil Daily Price Chart

wti crude oil daily price chart

Chart prepared by James Stanley

Short-Term Bear Flag Builds

The large portion of this week’s losses came in mid-day during yesterday’s US session. After setting a top at 60.91 early in New York trade, sellers pounced to push prices down to a fresh short-term low of 59.16. Since then, a retracement has started to show and this takes-on the appearance of a short-term bear flag formation, as prices have so far stuck into a bullish channel since that retracement began.

WTI Crude Oil Hourly Price Chart

wti crude oil hourly price chart

Chart prepared by James Stanley

Below current price action, target potential exists around 58.47, followed by an area of confluence that runs 57.07-57.47

WTI Crude Oil Four-Hour Price Chart

wti crude oil four hour price chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

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--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

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