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.

Free Trading Guides
EUR/USD
Bullish
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
Bullish
Gold
Mixed
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
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.96%, while traders in France 40 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xjI8nYENS0
  • $USDMXN's aggressive intraday reversal from highs has left a very large upper wick on the daily chart. Biggest bullish tail since Sep 5, 2018 https://t.co/xgKxc9FC68
  • $GBPUSD churns steadily lower as the Pound Sterling succumbs to broader US Dollar strength, but the cable could soon find technical support. Get your GBP/USD market update from @RichDvorakFX here: https://t.co/3nkJfWLXXV https://t.co/H8x3p1S413
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.28% France 40: -0.28% Wall Street: -0.91% US 500: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tXRNBSAR3O
  • Fed's Bostic: - No structural changes from coronavirus expected - Not concerned over financial markets having a different outlook on rates $DXY
  • A perusal of top market headlines includes stories equivalent to Dow holds near record highs as outlook for growth and return prevails right next to a 30-year Treasury bond hits record high as market seeks safety. Hmmm... https://t.co/Fe1j9IRx8S
  • German Chancellor Merkel: - A lot of work until a budget deal is reached in the EU - Not sure when EU members will meet again $EURUSD
  • Markets: Challenge accepted https://t.co/pTMKvvCtPi
  • Fed's Clarida: - Expectations are near low end for price stability - BBG
  • Fed's Mester: - Policy should not yield to market if view is not in alignment - BBG
Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

2019-10-01 11:00:00
Paul Robinson, Currency Strategist
Share:

Crude Oil Technical Outlook:

  • WTI crude oil filled gap, long-term trend-lines could be next
  • Brent crude oil won’t take much selling to get to 2016 trend-line

For an intermediate-term fundamental and technical viewpoint, see the Q4 Crude Oil Forecast.

WTI crude oil filled gap, long-term trend-lines could be next

A couple of weeks back WTI crude oil spiked in a big way on the Saudi oil attack, but that quickly gave way to selling as half of that gap was erased the day after the gap. Since then it’s been all downhill for oil, that looks set-up to continue.

The spike and reverse put in a nasty monthly reversal which should help keep the pressure on oil in the near-term. Short-term trend support from August was broken, now the trend-line from the December low is in focus as the next line of support.

A bounce may initially develop off the December trend-line, but the 50 level that put in a floor in June and August may not withstand another hold should it get tested again, which may finally bring into play the February 2016.

That of course might take some time to see, but the trading bias is generally tilted in favor of shorts at this juncture. The best course may be to wait for bounces and/or consolidation patterns to form before looking to join in on a move lower.

Check out the IG Client Sentiment page to see how changes in trader positioning can help signal the next price move in gold and other major markets and currencies.

WTI Crude Oil Daily Chart (50/2016 trend-line targeted)

Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

WTI Oil Chart by TradingView

Brent crude oil won’t take much selling to get to 2016 trend-line

Yesterday, Brent crude oil fully closed the Monday gap from two weeks ago, now looking to the trend-line from August as support. It may get some life at the short-term trend-line, but the 2016 trend-line looks like the next major target. The line is in approximate confluence the August low at 55.98.

Brent Crude Oil Daily Chart (2016 trend-line, August low)

Crude Oil Technical Analysis - Multi-year Trend-lines Could Be Next

Brent Crude Oil Chart by TradingView

Resources for Forex & CFD Traders

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

News & Analysis at your fingertips.