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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • NZD/USD IG Client Sentiment: Our data shows traders are now at their most net-long NZD/USD since Mar 29 when NZD/USD traded near 0.70. A contrarian view of crowd sentiment points to NZD/USD weakness.
  • (ASEAN Fundy) US Dollar Forecast: Fed Offers Best Week in Months, Pressuring SGD, THB, IDR, PHP #USD #Fed $USDSGD $USDTHB $USDIDR $USDPHP
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.90% Gold: 0.58% Silver: 0.56% View the performance of all markets via
  • The Bank of England (BoE) interest rate decision may do little to sway $GBPUSD as the central bank is widely expected to retain the current course for monetary policy. Get your market update from @DavidJSong here:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.54% 🇳🇿NZD: 0.47% 🇯🇵JPY: 0.23% 🇨🇭CHF: 0.14% 🇬🇧GBP: 0.12% 🇪🇺EUR: 0.06% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.94%, while traders in France 40 are at opposite extremes with 71.08%. See the summary chart below and full details and charts on DailyFX:
  • The big #gold sell-off quickly has an important long-term trend test in play; scenarios to consider from both sides of the tape. Get your market update from @PaulRobinsonFX here:
  • 🇦🇺 Retail Sales MoM Prel (MAY) Actual: 0.1% Expected: 0.5% Previous: 1.1%
  • Heads Up:🇦🇺 Retail Sales MoM Prel (MAY) due at 01:30 GMT (15min) Expected: 0.5% Previous: 1.1%
Crude Oil Technical Outlook – Unconvincing Rally, Could Soon Fail

Crude Oil Technical Outlook – Unconvincing Rally, Could Soon Fail

Paul Robinson, Strategist

Crude Oil Technical Highlights

  • WTI crude oil is rallying, but not trustworthy
  • Turn down soon may help fill out technical pattern

The WTI crude oil contract has been higher for much of the month, with its biggest up day coming on Wednesday. But this recent strength isn’t all that inspiring for higher prices because of the tendency for rallies to fail in recent months.

Oil may want to push a little higher here soon, but watch how price reacts around the nearby 200-day MA. A decline of a couple bucks from current levels, or just a little higher will have in focus the underside trend-line of a developing channel/bear-flag.

The lines are angled upward, and so as long as the lower line holds then the short-term trend, while choppy, will remain higher. A break, however, will have sizable support in the 51/50.50 in focus, an area which has put in a floor on three occasions since June.

The 2016 trend-line remains the target (~48), it has been for quite a while now. The path, though, hasn’t been clear, and getting into a position for a move down to the long-term threshold hasn’t been easy in the absence of a clear driver in oil. Perhaps that will change soon with a break of a clear lower boundary on the developing technical formation.

As far as the upside goes, even if the channel structure were to fall apart with further surging prices, the general tilt of the chart has been down for some time now. This means rallies should continue to be viewed with a wary eye until strength can prove itself.

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

WTI Crude Oil Daily Chart (200-day/tech levels)

Crude Oil Technical Outlook – Unconvincing Rally, Could Soon Fail

WTI Oil Charts by TradingView

WTI Crude Oil Hourly Chart (closer look at channel/bear-flag)

Crude Oil Technical Outlook – Unconvincing Rally, Could Soon Fail

***Updates will be provided on the above thoughts and others in the trading/technical outlook webinars held at 930 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

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.