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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • $Nas bounce in channel, resistance potential around prior support, 38.2 fibo ~11,358 $QQQ $Nasdaq https://t.co/nCWhlHoEiJ https://t.co/Bm8kiHv0mH
  • US Eight-Week Bills Draw 0.085% Primary Dealers Awarded: 50.6% Indirect Bidders Accepted: 45.1% Direct Bidders Accepted: 4.2% B/C Ratio: 3.45
  • Exxon Mobil plans to cut workforce by 1,900 in the U.S. $XLE
  • Non-competitive bids for US four-week bills at $887.0 million -BBG
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: -0.05% 🇳🇿NZD: -0.11% 🇨🇦CAD: -0.12% 🇬🇧GBP: -0.41% 🇨🇭CHF: -0.45% 🇪🇺EUR: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UsFqQkKrwA
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.96% US 500: 0.85% France 40: 0.72% FTSE 100: 0.55% Wall Street: 0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/IyfKQHGy37
  • GBP/USD is back to the 1.30 level and rising gently after Wednesday’s selloff led to a brief spike below trendline support that was soon reversed.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/kmDmmGpctL https://t.co/jWcmfXZqGs
  • In honor of the ECB floating the possibility of more stimulus at a later meeting, I will reiterate my concerns on these efforts: central banks have lost their effectiveness. Much more of their influence is a matter of i... https://t.co/JNooifwabG https://t.co/TaJGOyiGsK
  • Putting that incredible US GDP figure into context. Undeniable that it was a record-breaking quarterly change, but it was recovering from an extreme hole - what the IMF termed 'The Great Shutdown' https://t.co/HoYtAqwG2E
  • IMF says UK needs continued policy support through post-Brexit transition $GBPUSD
Crude Oil Price Forecast: Charts Seek Catalyst to Spark Q4 Breakout

Crude Oil Price Forecast: Charts Seek Catalyst to Spark Q4 Breakout

2019-10-06 04:00:00
Rich Dvorak, Analyst
Share:

CRUDE OIL FORECAST 4Q 2019 – SUMMARY POINTS:

The price of crude oil consolidated further within its overarching wedge pattern during the third quarter. Directing attention to a weekly crude oil price chart as we transition into Q4-2019 underscores the dominating wedge formation being etched out by the commodity; the pattern becomes even more evident when focusing on price action since mid-2018 judging by the recent series of lower highs and higher lows.

CRUDE OIL PRICE CHART: WEEKLY TIME FRAME (DECEMBER 2016 TO SEPTEMBER 2019)

Weekly Crude Oil Price Chart

Chart created by @RichDvorakFX with TradingView

Crude oil prices could be anchored to technical confluence around the $58.00 zone noted by the 38.2% Fibonacci retracement of the commodity’s trading range since February 2016 as well as the downward sloping 20-SMA and 50-SMA. Yet, the 200-SMA on the weekly chart approaching $55.00 and short-term uptrend developed since prices bottomed out in December 2018 could present positive tailwinds throughout 4Q-2019.

OIL VOLATILITY INDEX & CRUDE OIL PRICE CHART: DAILY TIME FRAME (DECEMBER 2018 TO SEPTEMBER 2019)

Daily OVX Price Chart

Chart created by @RichDvorakFX with TradingView

At the same time, the recent rise in oil volatility could keep a lid on bullish prospects for crude oil prices considering the general rule of thumb that there is a broad inverse relationship between implied volatility and an underlying asset.

DOWNLOAD THE COMPREHENSIVE DAILYFX Q4-2019 CRUDE OIL TECHNICAL FORECAST FOR FREE HERE

-- 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