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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
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
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • López Obrador hopes #USMCA will help tighten trade relationships between the US and Mexico. Get your currencies market update from @HathornSabin here: https://t.co/bZrUKSCGaS https://t.co/UWFdv7wCP0
  • Pronóstico $XAUUSD: el #oro consolida un canal ascendente hacia 1.750$ #gold #trading https://t.co/Tu8g57ZORD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.89%, while traders in US 500 are at opposite extremes with 75.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jJf4VBBPOr
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.72% Gold: -0.03% Silver: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HD3d67xvtz
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.93% 🇬🇧GBP: 0.57% 🇨🇦CAD: 0.45% 🇪🇺EUR: 0.34% 🇨🇭CHF: -0.10% 🇯🇵JPY: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1d82miYwh3
  • Coming up at half past the hour: my weekly webinar on market #sentiment. Please join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?ref-author=essex&CHID=9&QPID=917711
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 1.74% Germany 30: 1.12% FTSE 100: 0.88% Wall Street: 0.77% US 500: 0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1IbO8jbvOv
  • Russia and other nations are said to prefer a 1-month OPEC+ production cut extension #OOTT
  • Canadian Dollar: USD/CAD Price -Accelerated Bearish Momentum More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2020/06/02/Canadian-Dollar-USDCAD-Price-Accelerated-Bearish-Momentum-MK.html?CHID=9&QPID=917714 https://t.co/seBugrGVVC
  • RT @Monte_IG: EUR/USD has already breached today's key pivot point, more gains would aid conformist buy breakout strategies in line with it…
WTI Crude Oil Surges Past $46 Opening Up Late July Highs Near $50

WTI Crude Oil Surges Past $46 Opening Up Late July Highs Near $50

2015-09-16 16:56:00
Tyler Yell, CMT, Currency Strategist
Share:

To receive Tyler’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • Crude Oil Technical Strategy: Breakout of Corrective Triangle Turns Focus towards $50 per barrel
  • Crude Oil Breaks Above 50 Day Moving Average
  • Intraday Crude Oil Gained Over 6% Rising Most in 2 Weeks

The second consecutive day of crude oil gains and the largest rise in 2 weeks was aided by a greater drop in US inventories than the market expected. After the DoE inventory print, price broke above the downward sloping 50-day moving average that has been resistance since late August.

The technical outlook for crude oil favors short-term upside due to a turn higher in oscillators after breaking above the sideways congestion pattern recently noted. The break above $46 a barrel turns short-term focus on August 31st resistance of $49.30/49 per barrel followed by the 100% Fib extension of the move up from the $37 low toward $55 a barrel and the 1.618% extension near the May high of $62 a barrel.

The short-term support over the first two weeks of September favors $43 a barrel as support and as long as price stays above this level, upside will be favored. Only a break below $43 would favor move back near annual lows and a continuation of the overall down trend.

Correlated Markets: Other highly correlated commodities like gold had a significant push higher today as well as inversely correlated markets likein USDCAD and USDEMFX like USDMXN and USDZAR saw a strong move lower further emphasizing the theme driving all these markets were in tandem. The longer term structure for commodities seems to favor a stronger bounce and oil could lead this surge. You could also look to a move higher in the S&P 500 to likely align with the move higher in oil as their correlation has recently strengthened.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

WTI Crude Oil Surges Past $46 Opening Up Late July Highs Near $50

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

DISCLOSURES

News & Analysis at your fingertips.