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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • The Nasdaq 100 index has likely formed an inverse “Head and Shoulders” pattern, which is typically viewed as a bullish trend reversal indicator. Prices may advance further to challenge their all-time highs. Get your market update from @margaretyjy here:
  • Earnings season begins this week with the arrival of quarterly reports from the country’s largest banks. Can they shrug off losses from the recent Archegos blowup and rally higher or will risk aversion take root? Market update from @PeterHanksFX here:
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • 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:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here:
Crude Oil Price Forecast: CL Snaps Back - Pullback or Reversal?

Crude Oil Price Forecast: CL Snaps Back - Pullback or Reversal?

James Stanley, Senior Strategist

Crude Oil Price Forecast Talking Points:

  • Oil prices enjoyed an aggressively bullish run in the wake of the US Presidential Election.
  • CL futures jumped by more than 100% from the November low to the March high.
  • After setting a fresh two-year-high on March 8th, prices have started pulling back. More recently, that pullback has taken on more aggression, highlighting the potential for reversal potential from a strong topside move.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.

A number of risk assets put in strong major moves starting around the US Presidential Election last November. While much of the attention has been on crypto or Gamestop or NFTs for this recent phenomenon, oil prices have put in a pretty strong trend of their own. Crude oil futures set a low on the day of the election around $33.64. Earlier this month and just a bit more than four months after that low, Crude Oil futures hit a fresh two-year-high at 67.98, a full 102% away from that low set last year.

That move put in an initial pullback of 14.4%, at which point a bit of support showed up. But buyers were unable to re-test the highs and since then support has continued to slide lower. Last Thursday was particularly notable, in the wake of the FOMC rate decision, when Crude Oil prices pushed below a bullish trendline that had been in-place since that November low.

Now, after the Friday bounce led into a spinning top yesterday, with another bearish push this morning – there’s the potential for an evening star pattern on the Daily chart. Evening star formations will often be approached with the aim of bearish reversals, and given where that spinning top showed up yesterday, the door would appear to be opening for a deeper push in Crude Oil prices.

To learn more about the Evening Star Formation and why it’s approached for bearish reversal potential, check out DailyFX Education

Crude Oil Daily Price Chart (CL1)

Crude Oil Daily Price Chart

Chart prepared by James Stanley; CL1 on Tradingview

Crude Oil Testing Below Key Support

Perhaps more important than the possible formation looked at above is the area on the chart where all of this is taking place.

Crude oil prices are testing below a key spot of confluent support running from $59.88-60.00. The former of those prices is the 23.6% Fibonacci retracement of the November-March major move, while the latter of those prices is a major psychological level.

Understanding the Core Fundamentals of Oil Trading
Understanding the Core Fundamentals of Oil Trading
Recommended by James Stanley
Understanding the Core Fundamentals of Oil Trading
Get My Guide

On a shorter-term basis, we can see where this confluent zone has recently start to show as short-term resistance; and near-term support is coming in around a group of swing-highs from early-February. This chart presents short-term breakdown potential as the longer-term bullish trend further pulls back.

To learn more about Fibonacci or psychological levels, join us in DailyFX Education

Crude Oil Four-Hour Price Chart (CL1)

Crude Oil Four Hour Price Chart

Chart prepared by James Stanley; CL1 on Tradingview

Crude Oil Prices Longer-Term

Taking a step back in order to put the short-term setup into context, and there could be even more motive for a deeper pullback or a possible reversal.

Please note, the below chart and related analysis is based off of the CL2 price feed, in order to work around the sub-zero move that showed up last April. The rapid price jump seen from the November low ran into the 61.8% Fibonacci retracement of the 2001-2008 major move at $67.19. Nearby is the 50% marker of the shorter-term major move spanning from the 2013 high down to the 2020 low. That plots at 64.31 and along with the above level, creates a confluent Fibonacci zone of resistance that had some pull on the matter back in 2019.

Given the possibility of pullback in the longer-term trend and the potential for reversal of the shorter-term trend, the door would appear open to deeper breakdown potential in crude oil prices.

Crude Oil Monthly Price Chart (CL2)

Crude Oil Monthly Price Chart

Chart prepared by James Stanley; CL2 on Tradingview

--- Written by James Stanley, Strategist for

Contact and follow James on Twitter: @JStanleyFX

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