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. See our updated Privacy Policy here.

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
Subscribe
Please try again
More View more
Real Time News
  • 🇦🇺 Westpac Leading Index MoM (AUG) Actual: -0.3% Previous: -0.12% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Join @FxWestwater at 22:00 EST/2:00 GMT for a webinar on preparing to trade commodities markets in the week ahead. Register here: https://t.co/qTOa60TaYd https://t.co/JVt1tiZhcP
  • House votes (220-211) to suspend debt limit and avoid a government shutdown $DXY
  • Heads Up:🇦🇺 Westpac Leading Index MoM (AUG) due at 01:00 GMT (15min) Previous: -0.12% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjsLNT https://t.co/8BjIJdOpti
  • RT @KyleR_IG: Certainly a highlight of my career. If I was smart enough, I would have made a wisecrack about #Evergrande. #earthquake http…
  • RT @FxWestwater: Australian Dollar Forecast: Evergrande, PBOC, Risk Trends, BoJ on the Radar Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/21/Australian-Dollar-Forecast-Evergrande-PBOC-Risk-Trends-BoJ-on-the-Radar.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/L0…
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/9FeeIfuozg
  • The Bank of England should scrap the last of its quantitative easing plans and start preparing for an increase in interest rates. All 9 members of the shadow monetary policy committee said the Bank should end the QE programme early, with almost £50bln left - The Times
  • The Nasdaq 100 gains modestly after Monday's sharp losses, but sentiment remains cautious ahead of the FOMC rate decision. Get your market update from @Tams707 here:https://t.co/HLDN2JGfAf https://t.co/mRhlLUBGq6
Commodity Technical Analysis: Crude Trades Lower for 6th Consecutive Day

Commodity Technical Analysis: Crude Trades Lower for 6th Consecutive Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Trades Lower for 6th Consecutive Day

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” IF crude can sustain a downside break then focus (probably later in the month) would shift to the 78.6% retracement of the rally from 7726 and channel support. Also keep an eye on former trendline resistance, which indicated support on 11/28.

Commodity Trading Strategy: 8550, the first target, has been hit. Now nearing the bottom of the range, reward/risk isn’t favorable for new positions. Bearish risk should be moved down to Monday’s high. Exceeding that level exposes bears to a run at 8745-8889.

LEVELS: 8221 8363 8454 8686 8745 8889

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

DISCLOSURES