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  • Crude Oil Price To Continue Higher Vs US Dollar

    Crude Oil Price To Continue Higher Vs US Dollar

    • – Crude oil price made a nice upside move recently and traded above $51.50 against the US Dollar.
    • – There is a crucial bearish trend line forming with resistance near $52.40 on the hourly chart.
    • – Recently in China, the hosing price index for Sep 2017 was released by the National Bureau of Statistics.
    • – The outcome was below the forecast of +8%, as there was an increase of 6.3% in the index.

     

    China’s Hosing Price Index

    Recently in China, the hosing price index for Sep 2017 was released by the National Bureau of Statistics. The market was positioned for an increase of 8% compared with the last increase of 8.3%.

     

    However, the actual result was below the forecast of +8%, as there was an increase of 6.3% in the index. It had a slight negative impact on the market sentiment. Moreover, the recent Canada’s Consumer Price Index (CPI) for Sep 2017 posted a rise of 0.2% compared with the previous month, which was in line with the forecast.

     

    It seems like crude oil price remains supported on the downside and it might look to break the $52.40-50 resistance for more gains.

     

    Oil Price Technical Analysis

    There was a minor dip in oil prices this past week towards the $51.00 support against the US Dollar. The price traded as low as $50.90 and later started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $52.54 high to $50.90 low.

     

    Crude Oil Price Technical Analysis

     

    The upside move was strong since the price was able to break the $51.50 resistance and the 100 hourly simple moving average. There was even a close above the 50% Fib retracement level of the last decline from the $52.54 high to $50.90 low, which is a positive sign.

     

    On the upside, there is a crucial bearish trend line forming with resistance near $52.40 on the hourly chart. At present, the price is trading near the 76.4% Fib retracement level of the last decline from the $52.54 high to $50.90 low.

     

    Therefore, there is a chance of a minor dip before the price makes an attempt to break the $52.40-50 resistance in the near term. Buying dips can be opted as long as the price is above $52.00 and the 100 hourly SMA.

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  • Crude Oil Price To Settle Below $50.00 Vs US Dollar

    Crude Oil Price To Settle Below $50.00 Vs US Dollar

    • – Crude oil price started a new downtrend and already moved below the $50.60 support against the US Dollar.
    • – There are two important bearish trend lines forming with resistance at $50.40 on the hourly chart.
    • – Recently in the US, the EIA Crude Oil stockpiles figure (Sep 29, 2017) was released by the Energy Information Administration.
    • – As per the report, the EIA Crude Oil stockpiles were down -6.023M compared with the forecast of -0.467M.

     

    EIA Crude Oil Stockpiles Report

    Recently in the US, the EIA Crude Oil stockpiles report (Sep 29, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to be around -0.467M compared with the last reading of -1.846M.

     

    However, the actual result was better than the forecast, as the EIA Crude Oil stockpiles were down -6.023M compared with the forecast of -0.467M. Moreover, the Crude exports were up sharply to 1.98 million bpd, which was a lot higher compared with the previous week’s the 1.5 million bpd record.

     

    It seems like Crude oil price struggle might extend in the short term and the price might attempt a move towards $49.00 in the near term.

     

    Oil Price Technical Analysis

    There were good gains in the past in Crude oil price as it move above the $52.00 level against the US Dollar. Later, the price failed to remain above the $52.50-60 levels and started a downside move trading below $52.00.

     

    Crude Oil Price Technical Analysis

     

    The price declined heavily and moved below the $51.00 handle and the 100 hourly simple moving average. It is a bearish sign since the price even attempted a close below $50.00 once and traded as low as $49.97.

     

    At the moment, the price is correcting higher and trading near the 23.6% Fib retracement level of the last decline from the $50.80 high to $49.97 low. On the upside, there are two important bearish trend lines forming with resistance at $50.40 on the hourly chart.

     

    If the price moves higher, it won’t be easy for buyers to clear the $50.40-50.50 resistance. On the downside, a close below $50.00 might ignite further declines in the near term.

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  • Crude Oil Price Remains in Uptrend Above $50.40 Vs US Dollar

    Crude Oil Price Remains in Uptrend Above $50.40 Vs US Dollar

    • – Crude oil price is still in an uptrend and is currently trading above the $50.40 level against the US Dollar.
    • – There is a monster breakout pattern forming with resistance near $51.00 on the hourly chart.
    • – Recently in the US, the EIA Crude Oil stockpiles report (Sep 11, 2017) was released by the Energy Information Administration.
    • – According to the report, the EIA Crude Oil stockpiles were 4.591M compared with the forecast of 3.493M.

     

    EIA Crude Oil Stockpiles Report

    Recently in the US, the EIA Crude Oil stockpiles report (Sep 11, 2017) was released by the Energy Information Administration. The market was positioned for the EIA Crude Oil stockpiles to be 3.493M compared with the last reading of 5.888M.

     

    However, the actual result was on disappointing, as the EIA Crude Oil stockpiles were 4.591M compared with the forecast of 3.493M. Yesterday, the Fed interest rate decision was also scheduled. The central bank made no changes in the rates, but they went ahead with the hawkish tone.

     

    It seems like oil prices were not affected much after the release, and remains supported on the downside above $50.40.

     

    Oil Price Technical Analysis

    The past few days were excellent for crude oil buyers, as there was a rise in prices above the $49.00 and $50.00 levels. The price is following a major uptrend and it even broke the $51.00 level recently to trade as high as $51.11.

     

    Oil Price Technical Analysis

     

    Later, the price started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $49.73 low to $51.11 high. On the downside, there are many supports starting with the $50.60 level followed by the 100 hourly simple moving average.

     

    The 38.2% Fib retracement level of the last wave from the $49.73 low to $51.11 high is also at $50.58 to act as a support. It seems like there is a monster breakout pattern forming with resistance near $51.00 on the hourly chart.

     

    Therefore, there is a clear a support forming near $50.40. As long as the price is above the $50.40 support, the price could attempt an upside break above the $51.00 handle in the near term.

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  • Crude Oil Price Breaks Key Resistance Vs US Dollar

    Crude Oil Price Breaks Key Resistance Vs US Dollar

    • – Crude oil price after struggling for a couple of days formed support at $43.75-80 against the US Dollar, and started a recovery.
    • – There was a break above two bearish trend lines with resistance at $44.60 and $45.20 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock report was released (July 11, 2017).
    • – According to the report, the Crude Oil Stock decreased by -8.13M compared with the last -5.76M.

     

    API Weekly Crude Oil Stock Figure

    Recently in the US, the API Weekly Crude Oil Stock report was released (July 11, 2017). The market was positioned for a decline of around 12 million barrels on a weekly basis compared with the last -5.76M.

     

    However, the actual result was a bit on the lower side, as there was a decline of 8.13 million barrels. Furthermore, the gasoline inventories were down by more than 800,000 barrels, and Cushing stocks fell by roughly 2 million barrels. Next up is the EIA Crude Oil stockpiles report (Jul 7, 2017), which is expected to post -3.225M.

     

    Overall, the result was mixed, but the market sentiment was bullish for Crude oil price above $44.00.

     

    Oil Price Technical Analysis

    There were declines in oil prices recently below the $46 and $45 support levels against the US Dollar. The price traded as low as $43.75 where buyers emerged, a support base was formed, and later a recovery was initiated.

     

    Oil Price Technical Analysis

     

    During the upside move, the price was able break the 38.2% Fib retracement level of the last decline from the $46.65 high to $43.75 low and the 100 hourly simple moving average. It sparked a break above two bearish trend lines with resistance at $44.60 and $45.20 on the hourly chart.

     

    Later, the price was able to clear the 61.8% Fib retracement level of the last decline from the $46.65 high to $43.75 low at $45.52 as well. These are positive signs and could take the price further higher may be towards $46.50 or $47.00.

     

    At the moment, the price is consolidating near the 76.4% Fib retracement level of the last decline from the $46.65 high to $43.75 low. A successful close above $46.00 would trigger an upside towards $46.50.

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