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
Mixed
USD/JPY
Bullish
Gold
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
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • $USDJPY may be set for a larger pullback on the back of a deteriorating risk environment amid the potential failure in US-China trade talks. Get your market update from @JMcQueenFX here:https://t.co/UOGT5xRX9v https://t.co/JLXsn96FQY
  • Poll: We've had some upgrades in a few growth forecasts from around the world recently and tomorrow brings the Nov PMIs (AUS, JPN, EZ and US). What do you think is the risk of a recession in 2020?
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • staring now -> https://www.dailyfx.com/webinars/3952937094787220994?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/fk3MmFxalj
  • That was a fast reversal in crude oil positioning among retail CFDs yesterday. Not as heavy a build up in short as we pressure 58 https://www.dailyfx.com/sentiment?CHID=9&QPID=917719 https://t.co/m1YFe8PEsM
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.09%, while traders in France 40 are at opposite extremes with 82.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pxnhohjlR2
  • LIVE IN 15 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Crude #oil prices are approaching confluence downtrend resistance just higher at 58.45/61. Get your crude oil technical analysis from @MBForex here:https://t.co/YtqEw4joWZ #OOTT https://t.co/WISQjuukP4
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.77% Silver: -0.08% Gold: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MB2wIHd8Zh
Crude Oil Price Outlook: Charts Eye Technical Resistance

Crude Oil Price Outlook: Charts Eye Technical Resistance

2019-07-13 18:00:00
Rich Dvorak, Junior Analyst
Share:

CRUDE OIL PRICE WEEKLY TECHNICAL OUTLOOK – SUMMARY POINTS

  • Crude oil prices jump higher as the commodity aims to form a fresh bullish uptrend
  • Further upside in crude oil prices could be limited if bulls fail to top technical resistance
  • Get your Q3 Crude Oil Forecast for comprehensive technical outlook

Crude oil prices climbed roughly 4.5% over the last 5 trading days as the commodity continues to edge higher. It now appears that crude oil has smashed through bearish downtrend resistance formed by the series of lower lows since late April after this past week’s healthy advance. Bullish momentum could be at risk, however, as the recent streak of gains runs into technical resistance.

CRUDE OIL PRICE CHART: DAILY TIME FRAME (APRIL 15, 2019 TO JULY 12, 2019)

Crude Oil Price Chart Forecast

New to Trading? Find out How to Trade Crude Oil Here!

Crude oil prices currently sit slightly above $60.00 and just below technical resistance posed by the 38.2% Fibonacci retracement of the commodity’s trading range since printing its year-to-date high of $66.47 on April 23. While the short-term bullish uptrend line does look to provide a bit of buoyance to crude oil price action, this level of confluence threatens to keep further upside at bay. Yet, if crude oil bulls can top this zone, the door to $62.00 could open up quickly with prices possibly eyeing the 23.6% Fib as a next upside target.

CRUDE OIL PRICE CHART: DAILY TIME FRAME (DECEMBER 14, 2018 TO JULY 12, 2019)

Crude oil price chart technical analysis

Are You Aware of These Crude Oil Facts Every Trader Should Know?

This past week’s high of $60.85 will likely serve as the first objective for oil bulls to overcome in the days ahead. Although, selling pressure may increase at this technical level where prices have previously consolidated seeing that old support can serve as new resistance. The 78.6% Fibonacci retracement of crude oil’s bullish rise from December 2018 to April 2019 – roughly around the $61.25 price level – could serve as another level of technical resistance that possibly hinders upside prospects.

If crude oil does in fact turn lower after being rejected at the aforementioned levels of technical resistance, the recent breach of downtrend resistance last week could be considered a “fake-out breakout” and bullish price action may ebb. Forthcoming weakness in crude is also hinted at by the possible rebound higher in oil price volatility in light of the broad inverse relationship between crude oil and oil price volatility.

CRUDE OIL CLIENT SENTIMENT: DAILY TIME FRAME (JANUARY 14, 2019 TO JULY 12, 2019)

Oil Price Chart and Client Sentiment

According to IG Client Sentiment data, 53.2% of crude oil retail traders are net-long resulting in a long-to-short ratio of 1.14. Bullish conviction is starting to wane judging by the change in trader positioning which details the number of traders net-long dropping by 12.2% and net-shorts rising by 19.6% relative to last week.

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES

News & Analysis at your fingertips.