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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
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
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
Crude Oil Price Outlook: WTI Falters, Can Support Rescue Price?

Crude Oil Price Outlook: WTI Falters, Can Support Rescue Price?

Peter Hanks, Strategist

Crude Oil Price Forecast:

  • Crude oil has slipped nearly $10 since its recent high on January 8
  • With easing tensions in the Middle East, crude has lost the x-factor that sparked a brief rally above resistance
  • Technical support has helped save price for now, but it may only delay the inevitable break lower

Crude Oil Price Outlook: WTI Falters, Can Support Rescue Price?

Crude oil suffered a notable decline on Wednesday, falling more than 1.5% to pressure support around the $56.80 level. After surging on the back of tensions in the Middle East earlier this month, a cooldown in conflict has left the commodity without a key catalyst and left crude oil grasping for support. But can the series of technical levels keep crude oil afloat or will they just delay the inevitable?

Crude Oil Price Chart: Daily Time Frame (October 2018 – January 2020)

crude oil chart price

To be sure, crude oil finds itself in a vulnerable position. Trading narrowly above the ascending trendline from late 2018 and the 200-day simple moving average, a daily close beneath $56.80 would see crude break into the channel and threaten further losses. That being said, selling could gain pace if crude pierces the bottom of the channel, around $55.60. The area also coincides with a Fibonacci level that has proved influential in the past.

Evidently, crude oil possesses significant technical support at the current price – but lacks a clear fundamental tailwind that could also work to buoy price. Furthermore, IG Client Sentiment Data reveals a recent shift in positioning amongst retail traders. Transitioning from net-short to net-long, the data suggests crude may continue to trade lower. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

Should crude oil indeed break lower, $53.70 may provide initial support before the Fibonacci level around $50.54 would be required. Still, a move of this magnitude might require multiple days or weeks to fully unfold and would likely coincide with a broader pullback in risk assets like the Australian Dollar and S&P 500.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Dow Jones, Nasdaq 100, S&P 500 Outlook: Boeing, Netflix Drag on Stocks

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

DISCLOSURES