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
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
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6cn6OK6M7w
  • RT @Stephanie_Link: 84% of $SPX companies have beaten EPS estimates to date for Q3, which is tied for the 3rd highest percentage since 2008…
  • What is #NFP and how can you trade it? Find out: https://t.co/XJWS04IF9j https://t.co/iV9lPzPDtc
  • What does it mean when one candle fully engulfs the previous in its price action? The bullish engulfing candle is one of the forex market?€?s most clear-cut price action signals. Figure out how to identify this pattern here: https://t.co/Yg6ecRZZNr https://t.co/3J0xXp4axT
  • Oil maintains a medium-term bullish outlook, but its overbought condition and price's proximity to key technical resistance may pave the way for a brief pullback before the next leg higher. Get your weekly oil forecast from @DColmanFX here: https://t.co/sv2bMc34gI https://t.co/DDIoe4VhZ3
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/P3SduerCFF
  • The update to the US GDP report may keep the Greenback under pressure as signs of a slowing recovery undermines speculation for an imminent shift in Fed policy. Get your weekly USD forecast from @DavidJSong here: https://t.co/xvLr1bLfZG https://t.co/aQnOIoUM9t
  • There a many different trading styles that can be applied to trading forex. Learn about different types of traders here: https://t.co/xfzRCzuuKK https://t.co/GXxdkNEeCg
  • Hang Seng Tech Index has likely formed a bullish “Inverse Head and Shoulders” chart pattern. Immediate support and resistance levels can be found at 5,800 and 7,433 respectively. Breaching above 7,433 would likely bring 8,266 into focus. https://t.co/VsavFLj97V
  • The Nasdaq 100 index has likely formed a bullish “Butterfly” chart pattern, which hints at further gains. The MACD indicator is about to form a bearish crossover, suggesting that upward momentum may be weakening and thus vulnerable to a short-term pullback. https://t.co/J0PFLYzXR1
Crude Oil Jumps in Immediate Reaction to Expected OPEC Announcement

Crude Oil Jumps in Immediate Reaction to Expected OPEC Announcement

Justin McQueen, Strategist

OPEC, Oil Analysis & News

  • OPEC+ Agrees to Gradual 400kbpd Production Hike
  • Oil Prices Surge to Multi-Year Highs

Oil prices have surged to fresh multi-year highs, 3yrs for Brent Crude and near 7yrs for WTI Crude. OPEC+ agreed to stick to its planned 400kbpd hike in oil production, which had been largely expected. As such, the size of the move higher in crude oil may be somewhat of a surprise given that calls for a slightly higher than expected output increase were minimal at best.

While OPEC+ continue to take this gradual approach to raise oil production, the Saudi Aramco CEO provided an update regarding the ongoing natural gas crisis, which is anticipated to have boosted oil demand by 500kbpd than otherwise would’ve been the case.

Brent Oil Chart: 1-minute Timeframe (Chart 1)

Crude Oil Jumps in Immediate Reaction to Expected OPEC Announcement

Source: IG

Taking a look at the chart, Brent crude has made a key break above the descending trendline from the all-time high, which may entice momentum players to keep risks tilted to the upside. Naturally, with little in the way of resistance, eyes will be on the 2018 peak at $86.65.

Brent Oil Chart: Monthly Timeframe (Chart 2)

Crude Oil Jumps in Immediate Reaction to Expected OPEC Announcement

Source: IG

--- Written by Justin McQueen, Strategist

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

DISCLOSURES