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
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
More View more
Real Time News
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link: https://t.co/wWFnbAwIDO https://t.co/6G…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/09/17/US-Dollar-Price-Action-Setups-pre-FOMC-EURUSD-EUR-USD-GBP-USD-GBPUSD-USD-CAD-USDCAD.html https://t.co/J25MYsXCa9
Crude Oil Price Crushed to a 17-Year Low as Global Recession Fears Grow

Crude Oil Price Crushed to a 17-Year Low as Global Recession Fears Grow

Nick Cawley, Strategist

Crude Oil Price, Chart and Analysis.

  • US crude has touched a fresh 17-year low.
  • Coronavirus pandemic roils global economic activity

Crude Oil Collapse Continues as Markets Ignore Central Bank Liquidity Flush

The collapse in the price of oil continues apace as the global spread of the coronavirus continues to shatter economic activity and market sentiment. The latest covid-19 news shows that 145 out of 195 countries are now infected with nearly 200,000 cases of infection and 7,980 fatalities. Countries around the globe are in or going into lockdown, destroying economic activity. Market estimations are now that most, if not all, major economies will soon report negative growth for the quarter with some predictions for Q1 and Q2 making grim reading. Global central banks are announcing massive new liquidity measures and rate cuts seemingly every day, yet financial markets continue to look into the abyss and sell-off further. More action is needed with extraordinary monetary and fiscal measures needed to restore any kind of market confidence.

The daily US crude oil chart looks grim with a massive gap opened between March 6 and March 8, after OPEC abandoned further output cuts talk with Russia unwilling to participate. Saudi Arabia then announced it would increase production, including selling reserves, sending oil into a tailspin. The chart also shows a ‘death-cross’ formation – 50-dma trading through the 200-dma – a closely-watched negative signal. Oil currently trades around $26.00/bb. a level last seen in mid-2003, with hyper-bearish levels of horizontal support set at $17.12/bbl. (November 2001) and $10.65/bbl. (December 1998). These levels may be too extreme for even the most bearish trader but show the lack of any real technical support at current levels. It is likely that producers will begin shuttering their operations as output becomes unsustainable due to current price levels which may help to provide a floor for crude. To the upside, the recently opened gap may prove difficult to fill.

Volatility remains at extreme levels.

Crude Oil Daily Price Chart (June 2019 - March 18, 2020)

crude oil price continues to fall sharply

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 via Twitter @nickcawley1.

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

DISCLOSURES