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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • RT @Yeap_IG: #IGMorningthoughts: - 89% of #SP500 companies outperformed earnings thus far, but only 0.2% gain in SP500 since start of earni…
  • Gold prices risk forming a "Double Top" pattern - #GOLD chart
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.10% 🇨🇦CAD: -0.14% 🇦🇺AUD: -0.17% 🇳🇿NZD: -0.17% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.87%, while traders in Wall Street are at opposite extremes with 74.32%. See the summary chart below and full details and charts on DailyFX:
  • Keppel Corp is seeking to buy Singapore Press Holdings (SPH) for S$2.2 billion following the spin-off of its media assets, and plans to delist and privatize the company - BBG
  • S&P 500 Futures Lift Nikkei 225, Regulatory Risks Hit Chinese Stocks
  • 🇰🇷 Markit Manufacturing PMI (JUL) Actual: 53 Previous: 53.9
  • Heads Up:🇰🇷 Markit Manufacturing PMI (JUL) due at 00:30 GMT (15min) Previous: 53.9
  • 7 out of 11 S&P 500 sectors ended lower, with 58% of the index’s constituents closing in the red. Consumer discretionary (-2.78%), energy (-1.76%) and utilities (-0.87%) were among the worst performers, whereas materials (+0.40%) and real estate (+0.32%) outperformed.
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here:
WTI Crude Oil Price Forecast: Awaiting Triangle Pattern to Play Out

WTI Crude Oil Price Forecast: Awaiting Triangle Pattern to Play Out

Tyler Yell, CMT, Currency Strategist

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

Talking Points:

  • Crude Oil Technical Strategy: Looking to get Short
  • WTI / Crude Oil Showing Overbought Readings on Lower High
  • Close Below Support Of $43.20 Opens Preference To Short On Presumed Retest Of $38

All eyes are on demand and the USDollar. A collapse in demand as demonstrated from manufacturing data out of emerging markets shows a dis-connect at present. In short, we’ve had aggressive supply brought onto the market at a time when demand is waning aggressively. This appears to be playing out in lower prices for longer than anticipated, which turns our attention to the USD. The USD is inversely correlated to most commodities most of the time and US Oil is no exception. If the USDollar is able to break through the nearly 7-month resistance in the 12,064-12,149 region, then lower prices below the 2015 could soon print.

The technical outlook for crude oil is highly dependent on the technical level of $43.20 holding. An elongated triangle seems to be near its end, which classic technical analysis would favor trend continuation to the downside. Currently, resistance stands at 47.68 followed by the zone of longer-term resistance of the August 31st high of $49.49. If price is able to break and close above this upper resistance level

Short-term traders may prefer a sell signs of strength with a protective stop at resistance, which presently sits at $46.30, the September 25th high. However, a larger break higher in USD and close below $43.20 in Oil would turn our focus back toward new 6-year lows in a hurry. This would likely be a larger risk-off scenario.

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

WTI Crude Oil Price Forecast: Awaiting Triangle Pattern to Play Out

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