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Crude Oil Price - Sell-Off May Extend if Support Levels Fold

Crude Oil Price - Sell-Off May Extend if Support Levels Fold

2019-07-17 08:00:00
Nick Cawley, Strategist
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Crude Oil Price, Chart and Analysis:

  • Oil price driven by political moves.
  • Brent crude chart looking weak in the short-term.

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

Crude Oil Slump May Extend if Support Levels Fail

Tuesday sell-off in the oil complex has left the door open for further losses as the spot price currently trades below all three moving averages, including the important 200-day ma. Yesterday’s sell-off was triggered by some placatory US-Iran commentary, taking some heat out of the recent fractious relationship between the two countries.Iran said that the US would be welcome to return tot the negotiating table, while the US turned down their recent rhetoric with President Trump saying ‘they’d (Iran) like to talk, and we’ll see what happens’.

While the US was seen defusing one political spat, President Trump cranked up another, saying that the US still has a long way to go to seal a deal with China and that he is considering adding tariffs to another $325 billion of Chinese imports.

How to Trade Crude Oil: Trading Tips and Strategies

This political-double sent crude tumbling Tuesday to two-week low. The spot price fell through all three moving averages and is also touching the supportive, six-week uptrend channel. A conclusive break and close below here should open the way to $62.00 (July 3 low) ahead of 61.8% Fibonacci retracement at $60.63. To the upside, the three moving average are all clustered just below $65.00. A break leaves the 50% Fibonacci retracement level at $65.60 vulnerable.

Crude Oil Daily Price Chart (October 2018 – July 17, 2019)

Crude Oil Price - Sell-Off May Extend if Support Levels Fold

IG Client Sentimentdata show how traders are positioned in a wide variety of asset classes and how daily and weekly shifts can affect market sentiment.

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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