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
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
Oil - US Crude
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
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
USD/JPY
Mixed
More View more
Real Time News
  • #Silver carving out a Bear Flag continuation pattern just shy of psychological resistance at the $25/oz mark A break below the 21-DMA may ignite a more extensive correction back to the 61.8% Fib Conversely, a close above $25 could bring the yearly high into focus. $SI $SLV https://t.co/kAWeuQ7k19
  • #ASX200 continuing to carve out a Rising Wedge pattern as resistance at the 23.6% Fib (6236) continues to hold firm Reversal lower looks on the cards if price takes out support at the October 19 low (6175) #XJO #ausbiz #ASX https://t.co/Omw1LNLu9v https://t.co/EwsKLPNStm
  • New Zealand Dollar Outlook: NZD/USD, NZD/JPY Hinge on Inflation Data - https://www.dailyfx.com/forex/market_alert/2020/10/20/New-Zealand-Dollar-Outlook-NZDUSD-NZDJPY-Hinge-on-Inflation-Data-.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $NZD $NZDJPY $NZDUSD #RBNZ #NZ https://t.co/3gazMcv5Nw
  • AUD/USD may face heightened liquidation pressure as support and descending resistance converge. Polling data shows Biden in the lead, but betting odds are telling a different story. Get your $AUDUSD market update from @ZabelinDimitri here:https://t.co/n7QcX8HyzU https://t.co/ehmohZ47H0
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.19% Gold: -0.24% Oil - US Crude: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/sd0pDjvVoT
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.02% 🇪🇺EUR: -0.02% 🇬🇧GBP: -0.06% 🇯🇵JPY: -0.12% 🇦🇺AUD: -0.33% 🇳🇿NZD: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/uYgUBmumkU
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.84%, while traders in EUR/USD are at opposite extremes with 66.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rsBLQco8xU
  • China's loan prime rates were kept unchanged in October as expected: 1-year at 3.85% 5-year at 4.65% -BBG
  • 🇨🇳 House Price Index YoY (SEP) Actual: 4.6% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-10-20
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/LjEjTexrCg https://t.co/vOmuCjJEct
Crude Oil Technical Outlook Growing Increasingly Precarious

Crude Oil Technical Outlook Growing Increasingly Precarious

2019-08-05 11:00:00
Paul Robinson, Strategist
Share:

Crude Oil Price Highlights:

  • WTI crude oil at the trend-line off the December low
  • Brent crude broke December trend-line, breakdown nearing

Check out the intermediate-term fundamental and technical outlook in the Q3 Crude Oil Forecast.

WTI crude oil at the trend-line off the December low

The US crude oil contract took a hit last week as risk sentiment soured; this has in focus an important trend-line from the December low. While oil and stocks have diverged a bit in recent months from how tightly they were tracking one another at the end of last year into the beginning of 2019, they still find themselves at the same slope of support off the same December low.

This could make today an important one, at least in the very near-term. A hold of the t-line here in both the S&P 500 and oil could induce a bounce. Now whether the bounce can hold or not in either asset is to yet be seen. The S&P could hold and oil with as weak as it has been may only use trend support as temporary stopping point before trading to lower prices.

A solid bounce of the December trend-line keeps the prospects of a wedge still in play, with price action having been coiling for several months. Later on, this could prove to be an explosive resolution upon breaking out either below the Dec t-line or above the Oct t-line.

In the event of a breakdown below trend support, the June low around 51/50.50 will be eyed as the next level of support. If there is some encouraging signs for oil at the moment, it is that global stock markets are taking a sizable hit today on heightened Trade War tensions and oil is not reacting in similar fashion. For now, generally in a holding pattern until the picture clears up a bit.

WTI Crude Oil Daily Chart (December t-line)

Crude Oil Technical Outlook Growing Increasingly Precarious

WTI Oil Chart by Tradingview

Brent crude broke December trend-line, breakdown nearing

The Brent contract is trading below the December trend-line which puts it in a more precarious position than its U.S. counterpart. A firm drop through the June low (we’ll call it 60) should have the U.K. contract rolling towards a pair of trend-lines running over from 2016.

Brent Crude Oil Daily Chart (could be seeing mid to lower-50s soon)

Crude Oil Technical Outlook Growing Increasingly Precarious

Brent Crude Oil Chart by Tradingview

Forex & CFD Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES