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
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
  • There is a ridiculous number of scheduled Fed speeches on the docket next week. Powell specifically will be speaking multiple times including at an ECB hosted forum on central banking (which also has a panel with Fed, ECB, BOE and BOJ heads)
  • USD Ascending Triangle, Bullish for Q4 - #DXY chart on @TradingView https://t.co/iCnRSo9N4V
  • Credit rating agency Standard & Poor's is due to give its sovereign credit rating update on Germany today ahead of weekend national elections
Crude Oil Price Eyeing Break of Near-Term Technical Support

Crude Oil Price Eyeing Break of Near-Term Technical Support

Nick Cawley, Strategist

Crude Oil Price Chart and Analysis:

  • Fundamentals calm for now as US downplays Iran threat.
  • Technical set-up looks interesting with a downside break a possibility.

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

The recent descending triangle off the April 25 multi-month high is now coming to a point with the recent uptrend around a cluster of other technical indicators. A break, one way of the other, may well be likely in the short-term.

The recent escalation in hostilities between the US and Iran have quietened down in the last 24 hours, taking the edge off the recent crude oil rally. While relations are still tense, with both sides warning each other, recent commentary from the US Defense Secretary Patrick Shanahan has eased fears of an outright conflict. Speaking recently Shanahan said that the US’s focus at this point is to prevent Iranian miscalculation. “We do not want the situation to escalate. This is about deterrence, not about war."

The mild easing of hostilities in the past few days is reflected in the price of crude which has gently slipped lower. The chart now shows that the spot price - $71.08/bbl. is now just on top of both the 20- and 5-day moving averages and the 38.2% Fibonacci retracement levels at $70.57/bbl. In addition, oil is now nearing the recent uptrend off the May 6 low at $68.73/bbl. and a test of this support is looking increasingly likely.

How to Trade Oil: Crude Oil Trading Strategies & Tips.

Crude Oil Daily Price Chart (July 2018 – May 22, 2019)

Crude Oil Price Eyeing Break of Near-Term Technical Support

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on crude oil – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES