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
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
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
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/YUhC9cCDpy
  • The US Dollar has spent much of October giving back September’s gains. Is there any hope for change? Get your #currencies update from @JStanleyFX here: https://t.co/3EHa6PV5yH https://t.co/PrP9J2klJk
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/wDVd2QvcjO
  • The longer-term EUR/USD outlook will hinge on Thursday’s ECB guidance; any hint of a further easing of Eurozone monetary policy would weaken it, but that is far from guaranteed. Get your #currencies update from @MartinSEssex here: https://t.co/RmHCfIwdqp https://t.co/hvETa6mtft
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/M8WTvZgx2K
  • The Australian Dollar was under selling pressure this past week, but it held its ground. Bearish patterns brew in AUD/USD and AUD/JPY. Will EUR/AUD, GBP/AUD try to break higher again? Get your #currencies update from @ddubrovskyFX here: https://t.co/04kzJSqgNG https://t.co/ulPk1UneMM
  • Stocks are set to endure a string of data releases with market-moving potential in the week ahead in the form of tech earnings, European GDP and more, even as the US Presidential election clamors for the spotlight. #equities update from @PeterHanksFX here https://t.co/R6tpEvfXJb https://t.co/7koHTyh2AK
  • As we round our way towards a new week, Cable is within the confines of a bullish structure with beginnings back in September. Get your #currencies update from @PaulRobinsonFX here: https://t.co/NIbRTVmjqq https://t.co/zYma4Iq4dP
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/UGhbX6kn3H https://t.co/NE2RB1NT55
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/MVwUUltt6R
Crude Oil Price Outlook: From Bullish to Bearish – Where is the Next Test?

Crude Oil Price Outlook: From Bullish to Bearish – Where is the Next Test?

2019-09-26 14:03:00
Mahmoud Alkudsi, Analyst
Share:

Crude Oil Technical Forecast

  • Brent oil price charts and analysis
  • Crude Oil price action

Have you seen our newest trading guides for USD, EUR and Gold ? Download for free our latest forecasts

Brent Oil – Bearish Development

Last week, crude oil printed $71.03 PB – its highest level in nearly four months. However, the price slipped below $65.00 handle then closed the weekly candlestick with a 7.0% loss. This week, sellers continued pressing Brent oil lower emphasizing the bearish outlook of the price.

Alongside this, the Relative Strength Index (RSI) remained flat nearby 55. This week, the oscillator crossed below 50 indicating to the start of downtrend momentum.

Just getting started? See our Beginners’ Guide for FX traders

Brent Oil DAILY PRICE CHART (Jan 15, 2018 – SEP 26, 2019) Zoomed Out

Brent Oil daily chart price 26-09-19.PNG Zoomed out

Brent Oil DAILY PRICE CHART (June 11 – Sep 26, 2019) Zoomed In

Brent Oil daily chart price 26-09-19.PNG Zoomed in

From the daily chart, we notice on Monday crude oil tested trading below $63.00 handle and in the following day declined to a lower trading zone $61.20- $63.10.

Thus, any successful close below the low end of the of the zone could send Brent crude towards $57.60. That said, the weekly support levels underlined on the chart (zoomed in) should be kept in focus. See the chart to know more about the lower trading zone with the weekly support level Brent oil would encounter in a further bearish move.

On the other hand, a close above the high end of the zone could push the price towards the vicinity of $64.40-50. Although, the weekly resistance level underscored on the chart needs to be considered.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Brent Oil Four Hour PRICE CHART (Sep 1 – Sep 26, 2019) Zoomed In

Brent Oil four hour chart price 26-09-19

Looking at the four-hour chart, we notice on Sep 15 crude oil started a downtrend move creating lower highs with lower lows. On Sep 23, the price corrected higher creating a higher low at $62,72. However, Brent crude resumed bearish price action and created yesterday a lower low at $60.44.

Hence, a break below $60.17 could press the price towards $58.50. However, the weekly support level underscored on the chart needs to be monitored.

On the flip-side, any break above $62.50 could push Brent crude towards $63.66. Nonetheless, the high end of the aforementioned trading zone would be worth monitoring.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES