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
Bullish
Wall Street
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
Gold
Bearish
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 🇬🇧 BoE Consumer Credit (AUG) Actual: £0.3B Expected: £1.45B Previous: £1.1B https://www.dailyfx.com/economic-calendar#2020-09-29
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/D6FwaPaRWe
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/1Lmw2HhA2p
  • Heads Up:🇬🇧 Mortgage Lending (AUG) due at 08:30 GMT (15min) Expected: £3.65B Previous: £2.7B https://www.dailyfx.com/economic-calendar#2020-09-29
  • Heads Up:🇬🇧 Mortgage Approvals (AUG) due at 08:30 GMT (15min) Expected: 71K Previous: 66.3K https://www.dailyfx.com/economic-calendar#2020-09-29
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in US 500 are at opposite extremes with 64.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SPC8zHzmsL
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/03nsLIFxVq
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.06% Oil - US Crude: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bZOgkJeQnh
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.08% 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.04% 🇳🇿NZD: 0.02% 🇨🇦CAD: -0.14% 🇯🇵JPY: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tHXoCwSOYJ
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: 0.15% Wall Street: 0.07% FTSE 100: -0.27% France 40: -0.32% Germany 30: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YnjjB4v35p
Crude Oil Prices May Resume Down Move After Rebound

Crude Oil Prices May Resume Down Move After Rebound

2020-05-10 04:00:00
Ilya Spivak, Head Strategist, APAC
Share:

CRUDE OIL PRICE TECHNICAL FORECAST: BEARISH

  • Crude oil prices snap higher, break 2020 trend resistance
  • Long-term chart setup paints latest rebound as corrective
  • Trader sentiment studies hint selling pressure is growing

Crude oil prices snapped higher after suffering shocking losses and setting a record low just over two weeks ago, clearing resistance guiding them downward since the beginning of the year. Support-turned-resistance in the 27.40-29.11 area is now in focus, with a daily close above that seemingly setting the stage for a retest of 42.40, the underside of the December 2018 bottom.

Pushing through rising trend line support underpinning the recent recovery seems like a prerequisite for rekindling the move lower. This is immediately followed by a downside barrier clustered near the $20/bbl figure as well as the recently broken trend resistance, now recast as support. In practice, this probably means that a breach below swing low support at 10.27 is needed enthuse sellers in earnest.

WTI Crude Oil Daily Price Chart

Daily Crude Oil Price Chart

Crude oil price chart created using TradingView

Zooming out to the monthly chart for a broader perspective seems to suggest the path of least resistance continues to point downward. The eye-watering collapse in March saw prices crash through support that had underpinned them since the 2008 global financial crisis. Recent gains appear corrective in that context, at least for now. A breach of structural resistance – now just below $70/bbl – seems needed to say otherwise.

Crude Oil Monthly Price Chart

Crude Oil Monthly Price Chart

Crude oil price chart created using TradingView

Oil Forecast
Oil Forecast
Recommended by Ilya Spivak
Get Your Free Oil Forecast
Get My Guide

Sentiment studies seem to concur. Retail positioning data shows 59.49% of traders are net-long, with the long-to-short ratio at 1.47 to 1. IG Client Sentiment (IGCS) is typically used as a contrarian indicator, so traders being net-long suggests a bearishcrude oil trend bias. Furthermore, the net-long skew has grown compared with yesterday and last week. This appears to suggest that selling pressure is growing stronger.

US Crude Oil Client Positioning

See the full IGCS sentiment report here.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Ilya Spivak
Improve your trading with IG Client Sentiment Data
Get My Guide

--- Written by Ilya Spivak, Head APAC Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

CRUDE OIL TRADING RESOURCES

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

DISCLOSURES