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Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

Nick Cawley, Strategist

Crude Oil Price Chart and Analysis:

  • Crude oil currently respecting both Fibonacci and big figure support.
  • US dollar may be volatile with the FOMC rate decision and US NFPs out this week,

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A period of calm in the crude oil space with last week’s sharp sell-off being slowly re-traced. Crude oil is currently underpinned by a cluster of support levels including 38.2% Fibonacci retracement at $70.56/bbl. along with recent lows and the $70.00/bbl. psychological big figure level.

This stabilization will be welcomed by crude oil speculators who are currently running the largest net-long positions in nearly seven months, according to CFTC data. Speculative longs have nearly doubled since February 8 when oil trade over $10/bbl. lower. The next set of data is released on Friday, May 3.

CFTC Crude Oil Speculative Net Positions

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

How to Trade Oil: Crude Oil Trading Strategies & Tips.

Crude oil traders will be closely monitoring the latest FOMC policy meeting later today and the monthly US Labour Report (non-farm payrolls) on Friday. Both these events can move the US dollar sharply, having a knock-on effect on the price of oil which traditionally has an inverse correlation with the greenback.

Webinar Coverage:

Live FOMC Rate Decision Coverage with DailyFX Chief Analyst John Kicklighter - Wednesday

Live US Non-Farm Payroll Coverage with DailyFX Senior Strategist Chris Vecchio - Friday

Crude oil has dropped out of heavily overbought territory and may also find support lower downaround $68.20/bbl. the 200-day moving average. The recent six-month high at $74.88/bbl. may prove elusive in the short-term although any political upheaval or further oil embargoes may fuel a move higher.

Crude Oil Daily Price Chart (July 2018 – May 1, 2019)

Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom

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 crude 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.

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