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.



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
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • 🇯🇵 Coincident Index Final (SEP) Actual: 81.1 Expected: 80.8 Previous: 79.4
  • 🇯🇵 Leading Economic Index Final (SEP) Actual: 92.5 Expected: 92.9 Previous: 88.5
  • The Dollar has closed with a technical break to its lowest level since April 2018 after the Dow's 30,000 break. Yet seasonality may curb the potential on high-level trends, where are risk trends pointing short, medium and long-term?
  • Heads Up:🇯🇵 Leading Economic Index Final (SEP) due at 05:00 GMT (15min) Expected: 92.9 Previous: 88.5
  • Heads Up:🇯🇵 Coincident Index Final (SEP) due at 05:00 GMT (15min) Expected: 80.8 Previous: 79.4
  • RT @FxWestwater: S&P 500 May Rise Further, Fed-Treasury Affray Brushed Aside for Now Link: $SPX $SPY #FOMC #FED ht…
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:
  • How does stock market liquidity benefit its traders? Learn more here.
  • BoK Governor Lee says Yellen a rational pick for Fed, would be positive for markets - BBG
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.39% Silver: 0.27% Gold: 0.15% View the performance of all markets via
WTI Crude Oil Price Forecast: 2-For-1, 2 Bearish Changes In 1 Week

WTI Crude Oil Price Forecast: 2-For-1, 2 Bearish Changes In 1 Week

2015-11-12 20:00:00
Tyler Yell, CMT, Currency Strategist

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

Talking Points:

  • Crude Oil Technical Strategy: Waiting to Sell On Strength
  • 61.8% Fibonacci Support On WTI / Crude Oil Failed Early Thursday
  • DoE Inventory Build Has Crude Oil Lower for 7th Day

Another day, another large imbalance in the Supply-Demand picture in WTI Crude Oil. The rout in Oil has extended to 7 straight days, the longest such strength since July 2014. Today, the DoE inventory came in way past expectations for a build of 790k bbl to 4.2m bbl. This inventory build is another discouragement for a market that is trying to figure out if the demand will pick up relative to supply when supply continues to overwhelm the market. What’s important to note is that this is happening with short-term weakness in the US Dollar. Should the US Dollar pick up steam, which Technical Analysis currently favors, then the August 24th lows could come into view very soon. This move lower in Oil is having its usual widespread effect of dragging down the Canadian Dollar and Norway’s Krone.

We recently mentioned two key levels very close to each other that stood out on the crude oil price chart. Both levels, the 61.8% Fibonacci Support on WTI / Crude Oil of the August-October range sits at 42.76 and the low from 2-weeks ago at $42.57 quickly gave way. This development followed a break of trendline support from the August low and the mid-October low this week. Price is now sitting on the Weekly S2 support. A move lower from here is rare and consider extended as the Weekly S2 & R2 tend to frame a majority of price action, even in strong trends. Such a move makes a compelling argument for the patient trader to wait and sell on short-term strength to get a favorable risk: reward trade. Currently, we see resistance at the recent higher low of $45.09, which is the weekly opening range high.

If there is a bullish development on Crude, it would be in the extension of the current downside move. 7-8 straight down days are rare. However, extended on the downside isn’t the equivalent to a buy signal, unless you’re day trading. We often point out that there is a common occurrence of USD strength and commodity weakness in markets. Therefore, if little changes in the story of US dollar strength or inventories continue to rise, then the Oil price charts will likely continue to point to lower towards the August 24th low of 37.73. T.Y.

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: 2-For-1, 2 Bearish Changes In 1 Week

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