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
Oil - US Crude
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
More View more
Real Time News
  • RT @vtchakarova: British PM Johnson says won't negotiate further Brexit delay with EU. The EU also made it very clear (see Juncker’s recent…
  • How will the Trump impeachment process affect #forex and US stocks? Find out from Rupert Osborne, @IG_US, only on Trading Global Markets #podcast. Missed the episode? Read up here: https://t.co/1Bgo0Fl5CV https://t.co/BRNvqHVjYY
  • RT @bbclaurak: I'm told that's the advice from Cabinet Secretary - legal default is still leaving at end of this month, because they can't…
  • RT @bbclaurak: No 10 claims chances of no deal go up if Letwin passes - 'the govt will step up no deal preparations immediately as the risk…
  • RT @NSoames: I shall vote against The Letwin amendment and for the Deal
  • RT @Robert___Harris: On the eve of tomorrow’s rushed Commons vote I keep thinking of the journalist Phillip Knightley’s memo to the executi…
  • The $AUD has wilted as markets price in further rate cuts even as the OCR hovers at just 1%. Those cuts may come, but labor market strength may have to wane first. Get your market update from @DavidCottleFX here: https://t.co/h1Uvm8ogXh https://t.co/M1IP0jqh41
  • The inside bar pattern occurs regularly within the financial markets. Incorporating the inside bar strategy within a trading system can enhance a trader’s market analysis technique. Find out how you can use it from @WVenketas here: https://t.co/E3EWOYTYNw https://t.co/ZCT4pwc6nv
  • Greed has proven to be a hindrance more than assistance for traders. How does greed impact your trading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/C4vrTm69sE
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/WkwZK6wtzy
Trading Outlook for Dow Jones, DAX, Crude Oil, Gold & More

Trading Outlook for Dow Jones, DAX, Crude Oil, Gold & More

2019-04-24 11:00:00
Paul Robinson, Currency Strategist

The U.S. stock market, depending on the index, is at or near record highs, will the Dow breakout or shake-out? The DAX is trading up against a trend-line off the record high, puts it at a bit of risk of pulling back. Crude oil broke out of a base and continues to look bullish, but price is getting extended here and caution is warranted for longs (not yet looking like a short, though). Gold is trying to hold an important trend-line, make or break is the question.

Technical Highlights:

  • Dow Jones working towards record high, DAX at t-line resistance
  • Crude oil is extended, caution warranted for longs
  • Gold is sitting on holding trend-line support for now

Make more informed decisions by checking out our trading forecasts and educational resources on the DailyFX Trading Guides page.

Dow Jones working towards record high, DAX at t-line resistance

U.S. stocks have been quite strong, with the Nasdaq 100 leading to record highs the past few sessions and the S&P 500 and Dow lagging just behind. There is a wedge continuing to develop as price in the Dow moves towards the old record, which suggests a strong move could be on its way.

The underside of the pattern is also the trend-line off the December low, so as long as that holds so does a bullish bias despite record highs as a significant level of resistance. If the Nasdaq 100 is any indication then we might not see much hesitation out of the Dow, or S&P for that matter when crossing over into new record territory.

A sharp slash below the trend-line will be needed at this time to turn the picture bearish, otherwise a new record seems the likely scenario just ahead.

Dow Jones Daily Chart (wedging near record highs)

Dow Jones daily chart, wedging near record highs

Check out the Q2 Equities Forecast for the intermediate-term fundamental and technical outlook.

If the U.S. markets forge on to a new record it will be interesting to see how the DAX treats the trend-line off the record high. One has to think it will break above in sympathy, but if we do see some type of lag out of the German benchmark then it could strengthen the case later for turning to it as a short. For now, respecting resistance until broken.

DAX Daily Chart (at t-line resistance)

DAX daily chart, at t-line resistance

Crude oil is extended, caution warranted for longs

On Monday, crude oil shot out of a basing pattern with the help of some Iran news and this has higher prices still in store. It’s becoming extended and caution is warranted for longs, but this doesn’t mean that it’s time to short. Watch how some resistance in the 67s is handled. Generally speaking, there are a few upward sloping lines (see chart) which are keeping the overall bias pointed higher. Until those are broken the trend is up.

WTI Crude Oil Daily Chart (Extended, watch the 67s)

WTI crude oil daily chart, extended, watch the 67s

Check out the Q2 Crude Oil Forecast for the intermediate-term fundamental and technical outlook.

Gold is sitting on holding trend-line support for now

Gold, as discussed in detail earlier, is trying to hold the trend-line from August. It’s an important threshold after the descending wedge was broken. For now, giving it the benefit of the doubt, but a break could quickly bring into play the 200-day MA at 1251.

Gold Daily Chart (August t-line providing support)

Gold daily chart, August t-line providing support

Check out the Q2 Gold Forecast for the intermediate-term fundamental and technical outlook.

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---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.


News & Analysis at your fingertips.