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
GBP/USD
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
USD/JPY
Mixed
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • The #Euro may fall against the British Pound if no-deal #Brexit fears continue to subside and restore confidence in $GBP ahead of this month’s impending October 31 deadline. Get your market update from @ZabelinDimitri here:https://t.co/kZ0dJUd4Jq https://t.co/Bt7VuMMZrW
  • So far this week, the #JPY has been the best-performing major versus #USD with +0.13% spot returns while #NZD has been the worst with -0.37%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.94%, while traders in France 40 are at opposite extremes with 87.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9Q4yJsrfRI
  • EUR/USD Technical Analysis: Euro Rise Unlikely to Undo Downtrend - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2019/10/16/EURUSD-Technical-Analysis-Euro-Rise-Unlikely-to-Undo-Downtrend.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.09% 🇪🇺EUR: -0.02% 🇬🇧GBP: -0.25% 🇦🇺AUD: -0.32% 🇳🇿NZD: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/la6Ae67t8c
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.23% US 500: -0.27% France 40: -0.29% Germany 30: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jJoCuqFBZ3
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/Kv2LHTbEYP
  • US Dollar Technical Outlook: USD/INR, USD/SGD, USD/MYR, USD/IDR $USDINR $USDSGD #ASEAN - https://www.dailyfx.com/forex/technical/article/special_report/2019/10/16/US-Dollar-Technical-Outlook-USDINR-USDSGD-USDMYR-USDIDR.html?CHID=9&QPID=917702 https://t.co/kMf5jZVvrx
  • Overnight index swaps are now pricing in a 100% chance of an #RBNZ rate cut in November, after briefly softening following better-than-expected New Zealand CPI data earlier today #RBNZ $NZDUSD
  • The Swedish #Krona and Norwegian #Krone will be in for a tense week ahead of #Brexit-related drama and a crucial EU summit which could be a turning point for the EU-UK divorce. Get your market update from @ZabelinDimitri :https://t.co/zjTNQmDHTt https://t.co/zhR7J38A4M
WTI Crude Oil Price Forecast: Oil Spurts Closer Toward Key 200-DMA

WTI Crude Oil Price Forecast: Oil Spurts Closer Toward Key 200-DMA

2015-11-03 22:16:00
Tyler Yell, CMT, Currency Strategist
Share:

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

Talking Points:

  • Crude Oil Technical Strategy: Pulling Away From Long-Term Support
  • Momentum Shows Oil May Still Have Room to Run Higher
  • Next Big Test Remains at 200-DMA For Long-Term Directional Bias

WTI Crude Oil price punched higher toward three-week highs today. There was speculation by U.S. refineries that crude demand was increasing alongside a trend of lower production caused a clean bid in Crude. The rise was in stark contrast to other commodities, namely metals that ended the day in the red by 1% or greater. However, the 3.8% move higher in crude is aligning with a stabilization in economic data, which is beginning to chip away at the fear of supply remaining on the market due to falling economic data.

The Daily crude oil price chart is bouncing aggressively off the $43 per barrel support zone (yellow box on chart). Many technicians would point to the break below the yellow boxed support zone as an invalidation of the uptrend and the argument that we’re heading higher. Of course, it’s easy to point to the SPX500 that has risen near new highs after the aggressive sell-off on August 24th. If Oil goes the way of equities and we continue to hold above the $43 per barrel price, the case for a retest of the 200-day moving average near $51 per barrel becomes increasingly strong followed by the 100% Fibonacci extension near the top of the blue price channel near $55 per barrel. Additionally, the relative strength Index on the bottom of the chart shows there is likely still room to run higher

Going back to the beginning of the year, Oil has pivoted and turned higher towards the end of a calendar month. Late January, March, & August all saw late month moves that eventually gave way to multiple percentage moves higher. October 26th saw a similar late month pivot that resulted in a ~10% rally that may have a lot of gas in the tank. Still, the clearest sign that a recognized breakout in US Oil is coming would be a weekly close above the 200-day moving average and a breakdown in the inversely correlated US Dollar.

We hope you enjoyed this short-term Oil Outlook, be sure to sign up for our free oil guide here.

WTI Crude Oil Price Forecast: Oil Spurts Closer Toward Key 200-DMA

(Click chart for larger image)

--- Written by Tyler Yell,CMT,Currency Analyst and Instructor

Contact and follow Tyler on Twitter: @ForexYell

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

DISCLOSURES

News & Analysis at your fingertips.