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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
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
Gold
Mixed
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.96% Gold: 0.13% Oil - US Crude: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ysCqDXEKYe
  • 🇺🇸 USD Markit US Services PMI (JAN P), Actual: 53.2 Expected: 53.0 Previous: 52.8 https://www.dailyfx.com/economic-calendar#2020-01-24
  • 🇺🇸 USD Markit US Manufacturing PMI (JAN P), Actual: 51.7 Expected: 52.5 Previous: 52.4 https://www.dailyfx.com/economic-calendar#2020-01-24
  • 🇺🇸 USD Markit US Composite PMI (JAN P), Actual: 53.1 Expected: N/A Previous: 52.7 https://www.dailyfx.com/economic-calendar#2020-01-24
  • Fed's Merkel: - Foresees additional assistance for Turkey
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.56% France 40: 1.14% Wall Street: 0.33% US 500: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lPCtbgv2OS
  • Heads Up:🇺🇸 USD Markit US Manufacturing PMI (JAN P) due at 14:45 GMT (15min), Actual: N/A Expected: 52.5 Previous: 52.4 https://www.dailyfx.com/economic-calendar#2020-01-24
  • Heads Up:🇺🇸 USD Markit US Composite PMI (JAN P) due at 14:45 GMT (15min), Actual: N/A Expected: N/A Previous: 52.7 https://www.dailyfx.com/economic-calendar#2020-01-24
  • Heads Up:🇺🇸 USD Markit US Services PMI (JAN P) due at 14:45 GMT (15min), Actual: N/A Expected: 52.5 Previous: 52.8 https://www.dailyfx.com/economic-calendar#2020-01-24
  • Join @CVecchioFX for a live discussion to discuss how FX markets will respond the the phase two deal https://t.co/0D8mXyuiVo
Crude Oil Price Outlook: Resistance Broken, Further Gains Ahead

Crude Oil Price Outlook: Resistance Broken, Further Gains Ahead

2019-01-11 09:20:00
Nick Cawley, Analyst
Share:

Brent Oil Price and Chart:

  • Crude oil’s 20%+ bull market continues unabated but market becoming overbought.
  • Oil could retrace 50% of the October-December 2018 slump.

Crude Oil Rally Brushes Off Economic Fears

Crude oil touches a fresh one-month high and is likely to push higher as the charts take another bullish twist. Crude oil has brushed off concerns that the global economic growth is slowing and aided by a slightly weaker US dollar and OPEC+ supply cuts is close to recovering half of its recent losses. The ongoing trade spat between the US and China is being pushed to the side, while the partial US government shutdown, and US President Trump’s non-attendance at the upcoming World Economic Forum in Davos, is also being ignored as bulls control the oil space.

Q1 2019 Oil Trading Forecast.

How to Trade Oil – Crude Oil Trading Strategies

On the charts oil looks like it has further to go with the current spot price decisively above both the 20- and 50-day moving averages. In addition, the 61.8% Fibonacci retracement level at $60.63/bbl. has been broken, leaving the December 7 high around $63.75/bbl. as the next target. Above here the 50% Fibonacci level at $65.59/bbl. is key. The RSI indicator is suggesting that the market is becoming overbought and this may act as a brake on any further upside momentum.

Brent Crude Oil Daily Price Chart (April 2018 - January 11, 2019)

Crude Oil Price Outlook: Resistance Broken, Further Gains Ahead

WTI vs Brent – Top 5 Differences Between WTI and Brent Crude Oil

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Oil – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.