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  • Crude Oil Price Approaching Crucial Support Vs US Dollar

    Crude Oil Price Approaching Crucial Support Vs US Dollar

    • – Crude oil price traded as high as $72.83 before correcting lower against the US Dollar.
    • – There is a crucial bullish trend line formed with support near $71.60 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 18, 2018 was released.
    • – As per the report, there was a drop in the crude oil inventories by 1.300 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 18, 2018 was released. The market was positioned for a decline in the crude oil inventories by around 0.80 million barrels.

     

    However, the actual result was positive as there was a drop in the crude oil inventories by 1.300 million barrels. Looking at the gasoline stockpiles, there was a rise in inventories by around 980,000 barrels, and inventories of distillates saw a draw of 1.3 million barrels.

     

    There was a downside move in crude oil price, but it seems like the price is approaching a crucial support above $71.40-50.

     

    Oil Price Technical Analysis

    There were further gains in crude oil price above the $70.00 level against the US Dollar. The price traded above the $71.00 and $72.00 resistance levels. The upside move was positive as the price traded close to the $73.00 level and formed a high near $72.83.

     

    Oil Price Technical Analysis

     

    A downside correction was initiated recently and the price moved below the 50% Fib retracement level of the last wave from the $71.27 low to $72.83 high. Sellers even managed to push the price below the $72.00 support area and the 100 hourly simple moving average.

     

    At the moment, the price is trading just below the 61.8% Fib retracement level of the last wave from the $71.27 low to $72.83 high. On the downside, there is a crucial bullish trend line formed with support near $71.60 on the hourly chart.

     

    Therefore, if the price corrects lower, it is likely to find support near the $71.60 and $71.50 levels. Should there be a downside break below $71.50, the price could correct further towards the $71.00 level.

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  • Crude Oil Price Bounced Back Sharply Vs US Dollar

    Crude Oil Price Bounced Back Sharply Vs US Dollar

    • – Crude oil price surged higher after a sharp dip towards the $67.50 level against the US Dollar.
    • – There is a major ascending channel forming with support at $68.30 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 04, 2018 was released.
    • – As per the report, there was a decline in the crude oil inventories by 1.850 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 04, 2018 was released. The market was positioned for a minor rise in the crude oil inventories by roughly 1 million barrels.

     

    However, the actual result was better as there was no rise in inventories, instead, there was a decline in the crude oil inventories by 1.850 million barrels. Looking at the gasoline stockpiles, there was a drop of around 2.1 million barrels, and inventories of distillates declined 6.7 million barrels.

     

    There was a sharp bounce noted in crude oil price from the $68.00 support and the price moved back above the $70.00 level.

     

    Oil Price Technical Analysis

    There was a sharp downside move in crude oil price recently from the $70.70 swing high against the US Dollar. The price declined heavily and traded below the $70.00, $69.00 and $68.00 levels. It traded close to the $67.50 level before buyers appeared.

     

    Oil Price Technical Analysis

     

    A low was formed at $67.55, and the price bounced back sharply above the 100 hourly simple moving average. It successfully broke the 76.4% Fib retracement level of the last decline from the $70.72 high to $67.55 low.

     

    This means the price could continue to move higher and it may soon break the $70.72 high. Above the mentioned level, the price may even test the 1.236 Fib extension of the last decline from the $70.72 high to $67.55 low.

     

    At the moment, it seems like there is a major ascending channel forming with support at $68.30 on the hourly chart. As long as the price is following the channel and the 100 hourly SMA, it remains supported for more gains above the $70.50 level.

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  • Crude Oil Price Could Decline Further Vs US Dollar

    Crude Oil Price Could Decline Further Vs US Dollar

    • – Crude oil price started a downside move after trading above the $69.00 level against the US Dollar.
    • – The price is currently attempting a close below a major bullish trend line at $67.60 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending April 20, 2018 was released.
    • – As per the report, there was a rise in the crude oil inventories by 1.099 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock report for the week ending April 20, 2018 was released. The market was positioned for a decline in the crude oil inventories by roughly 0.5 million barrels.

     

    However, the actual result was on the negative side as there was a rise in the crude oil inventories by 1.099 million barrels. Looking at the gasoline stockpiles there was a decline of 2.7 million barrels and inventories of distillates fell 1.9 million barrels.

     

    Overall, crude oil price remains at a risk of more losses if fails to hold an important support area near $67.60-50.

     

    Oil Price Technical Analysis

    There were decent gains in crude oil price this past week above the $68.00 level against the US Dollar. The price traded higher and broke a major resistance at $69.00 to climb towards the $69.30-40 zone. Later, the price failed to hold gains above $69.00 and started a downside correction.

     

    Oil Price Technical Analysis

     

    The price declined and broke the $69.00 and $68.50 support levels. It settled below the $68.00 level and the 100 hourly simple moving average. At the moment, the price is attempting a close below a major bullish trend line at $67.60 on the hourly chart.

     

    Once there is a proper close below the trend line and $67.50, there could be more losses in the near term. The next support on the downside could be $67.00, followed by $66.20.

     

    On the other hand, if there is an upside correction, buyers could face resistance near the 38.2% Fib retracement level of the last drop from the $69.29 high to $67.42 low. The most important resistance is near $68.40 and the 100 hourly SMA.

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  • Can Crude Oil Price Break This Vs US Dollar?

    Can Crude Oil Price Break This Vs US Dollar?

    • – Crude oil price is moving higher from the $62.00 swing low against the US Dollar.
    • – There was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.
    • – Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration.
    • – As per the agency, the EIA Crude Oil stockpiles fell by -4.617M, whereas the market was looking for a rise of 0.246M.

     

    EIA Crude Oil Stockpiles Report

    Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to rise by around 0.246M, a bit less than the last increase of 1.643M.

     

    However, the actual result was better than the forecast as the EIA Crude Oil stockpiles fell by -4.617M. Moreover, the Crude stocks at the Cushing, Oklahoma rose by around 3.7M barrels. Lastly, the U.S. crude production increased further and climbed to 10.46 million barrels.

     

    The result was positive and helped oil price in gaining momentum above the $63.00 resistance level.

     

    Oil Price Technical Analysis

    After a substantial decline, Crude oil price found support around the $62.00 level against the US Dollar. The price traded as low as $62.04 and started an upside move. It traded higher and broke the $63.00 resistance to set the pace for more gains.

     

    Oil Price Technical Analysis

     

    During the upside move, the price broke the 38.2% Fib retracement level of the last decline from the $65.30 high to $62.04 low. Moreover, there was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.

     

    At the moment, the price is trading near a major hurdle at $63.70 and the 100 hourly simple moving average. The same level is near the 50% Fib retracement level of the last decline from the $65.30 high to $62.04 low.

     

    Therefore, a break above the $63.70 level and the 100 hourly SMA won’t be easy. If buyers succeed in pushing the price above $63.70, there could be more gains above $64.00 in the near term.

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  • Crude Oil Price Made Short-term Top at $66.30 Vs US Dollar

    Crude Oil Price Made Short-term Top at $66.30 Vs US Dollar

    • – Crude oil price traded as high as $66.35 before starting a downside correction against the US Dollar.
    • – There was a break below a major bullish trend line with support at $65.65 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending March 23, 2018 was released.
    • – According to the report, there was a rise in the crude oil inventories by 5.321 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock report for the week ending March 23, 2018 was released. The market was positioned for a minor in the crude oil inventories by around 1.2 million barrels.

     

    However, the actual result was below the market forecast as there was a rise in the crude oil inventories by 5.321 million barrels. Looking at the gasoline stockpiles there was a drop of 5.8 million barrels and inventories of distillates declined 2.2 million barrels.

     

    There was a downside reaction in crude oil price and it moved below a key support area near $66.00 to start a downside correction.

     

    Oil Price Technical Analysis

    There were good gains this past week in crude oil price from the $63.00 swing low against the US Dollar. The price moved higher and broke many resistances such as $64.00, $65.00 and $66.00.

     

    Oil Price Technical Analysis

     

    A high was formed near the $66.35 level before the price started a downside correction. The price moved down and broke the $66.00 support. Moreover, there was a break below a major bullish trend line with support at $65.65 on the hourly chart.

     

    There was even a break below the $65.00 support and the 100 hourly simple moving average, which opened the doors for more losses. It traded as low as $64.49 and it remains at a risk of more declines towards the $64.00 level.

     

    If the price corrects higher, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $66.33 high to $64.49 low, which is also positioned near the 100 hourly SMA at $65.20. Above $65.20, the next resistance is at $65.50.

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  • Crude Oil Price Looks Set to Decline Further Vs US Dollar

    Crude Oil Price Looks Set to Decline Further Vs US Dollar

    • – Crude oil price formed a short-term top near the $64.15 level against the US Dollar, and declined.
    • – There was a break below a major bullish trend line with support at $63.55 on the hourly chart.
    • – Recently in China, the official non-manufacturing PMI for Feb 2018 was released by China Federation of Logistics and Purchasing (CFLP).
    • – The outcome was below the forecast of 55.0 as there was a decline in the PMI from 55.3 to 54.4.

     

    China’s Official Non-Manufacturing PMI

    Recently in China, the official non-manufacturing PMI for Feb 2018 was released by China Federation of Logistics and Purchasing (CFLP). The market was positioned for a minor decline from the last reading of 55.3 to 55.0.

     

    However, the actual result was below the forecast of 55.0 as there was a decline in the PMI from 55.3 to 54.4. Moreover, looking at the NBS Manufacturing Purchasing Managers Index (PMI), there was a decline from the last reading of 51.3 to 50.3, whereas the market was looking for 51.2.

     

    At the moment, crude oil price is under pressure and it may decline further below $52.50 in the near term.

     

    Oil Price Technical Analysis

    There was a solid upside move in crude oil price this past week above the $63.00 level against the US Dollar. The price traded above the $64.00 level and formed a high at $64.15. Later, a downside move was initiated and the price declined below the $64.00 support.

     

    Oil Price Technical Analysis

     

    During the decline, there was a break below the 23.6% Fib retracement level of the last wave from the $60.68 low to $64.15 high. Moreover, there was a break below a major bullish trend line with support at $63.55 on the hourly chart.

     

    At the moment, the price is trading below the $63.00 support and is testing the 50% Fib retracement level of the last wave from the $60.68 low to $64.15 high. It seems like it may soon break the $62.50 support level and decline further.

     

    On the upside, the $62.80 level is a key resistance since it is near the 100 hourly simple moving average. The price has to move above the $62.80 and $63.00 resistance levels to move back in a bullish zone.

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  • Crude Oil Price Bullish above $65.00 Vs US Dollar

    Crude Oil Price Bullish above $65.00 Vs US Dollar

    • – Crude oil price made a nasty upside move recently and traded above $65.00 against the US Dollar.
    • – There is a crucial bullish trend line forming with support at $65.20 on the hourly chart.
    • – Yesterday in the US, the EIA Crude Oil stockpiles figure (Jan 19, 2017) was released by the Energy Information Administration.
    • – As per the agency, the EIA Crude Oil stockpiles were down -1.071M, which was less than the forecast of -1.6000M.

     

    EIA Crude Oil Stockpiles Report

    Yesterday in the US, the EIA Crude Oil stockpiles figure (Jan 19, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to fall by roughly -1.6000M compared with the last decline of -6.861M.

     

    However, the actual result was below the market expectation, as the EIA Crude Oil stockpiles were down -1.071M, which was less than the forecast of -1.6000M. On the positive side, this was the 10th week of a decline in stockpiles. According to the agency, the Crude stocks at the Cushing, Oklahoma declined by around 3.2000M barrels to 39.2 million. This is the lowest reading since January 2015.

     

    The result seems to be positive, which means there can be more in oil price above the $65.00 level in the near term.

     

    Oil Price Technical Analysis

    There was a nasty upside move started in Crude oil price from the $63.00 swing low against the US Dollar. The price moved higher and broke a few important resistances such as $64.00 and $65.00 to settle above the 100 hourly simple moving average.

     

    Oil Price Technical Analysis

     

    The price traded as high as $66.19 recently and it is currently correcting lower. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $64.40 low to $66.19 high at $65.77.

     

    On the downside, there is a crucial bullish trend line forming with support at $65.20 on the hourly chart. The trend line support sits around the 50% Fib retracement level of the last wave from the $64.40 low to $66.19 high.

     

    Therefore, any correction from the current levels is likely to find support near $65.50 or $65.10. Overall, more gains are likely above the $66.20 level in the near term.

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  • Crude Oil Price Eyeing Further Gains Above $58.50 Vs US Dollar

    Crude Oil Price Eyeing Further Gains Above $58.50 Vs US Dollar

    • – Crude oil price is in a decent uptrend above the $57.00 support against the US Dollar.
    • – There is an ascending channel forming with support at $57.75 on the hourly chart.
    • – Recently in the US, the EIA Crude Oil stockpiles figure (Dec 15, 2017) was released by the Energy Information Administration.
    • – As per the agency, the EIA Crude Oil stockpiles were down -6.495M compared with the forecast of -3.769M.

     

    EIA Crude Oil Stockpiles Report

    Recently in the US, the EIA Crude Oil stockpiles report (Dec 15, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to decline by around -3.769M compared with the last reading of -5.117M.

     

    However, the actual result was better than the forecast, as the EIA Crude Oil stockpiles declined -6.495M, compared with the forecast of -3.769M. This reading was also better than the last -5.117M. Moreover, if we consider without the inclusion of the U.S. Strategic Petroleum Reserve, the crude stocks were down to 436 million barrels, which was the lowest reading since Oct 2015.

     

    It looks like a decent uptrend is forming for Crude oil price above the $57.50 level and it might continue to move higher in the near term.

     

    Oil Price Technical Analysis

    A support base was formed at $56.00 in Crude oil price against the US Dollar. The price started a nice upside move and moved above the $57.00 resistance and the 100 hourly simple moving average.

     

    Oil Price Technical Analysis

     

    The price made a nice upside move and traded above the last swing high and the 1.236 Fib extension of the last drop from the $57.74 high to $56.84 low. It seems like there is an ascending channel forming with support at $57.75 on the hourly chart.

     

    The channel support at $57.75 is also around the 100 hourly SMA. Therefore, if the price moves down from the current levels, it will most likely find strong buying interest around $57.70.

     

    On the upside, the price may test the 1.618 Fib extension of the last drop from the $57.74 high to $56.84 low at $58.30. Above $58.30, the price could even test the $58.50 level.

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  • Crude Oil Price Breaks Key Support at $56.40 Vs US Dollar

    Crude Oil Price Breaks Key Support at $56.40 Vs US Dollar

    • – Crude oil price after a nice upside move faced sellers at $58.00 against the US Dollar and started a downside move.
    • – There was a break below a major descending channel with support at $56.40 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock report in the week to Nov. 10 was released.
    • – According to the report, there was a rise in the crude oil inventories by 6.5 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock report in the week to Nov. 10 was released. The market was positioned for a decrease in the crude oil inventories by around 1 million barrels.

     

    However, the actual result was disappointing, as the report pointed a rise in the crude oil inventories by 6.5 million barrels. Most analysts were not expecting a rise in the crude oil inventories by 2 million barrels.

     

    Overall, there was an increase in selling pressure on oil price and it moved below the $56.00 support area.

     

    Oil Price Technical Analysis

    There was a good upside wave in crude oil price during the past few days above $55.00 against the US Dollar. However, the price failed to move above the $58.00 level and faced a lot of offers, prompting a downside reaction.

     

    Oil Price Technical Analysis

     

    The price started a downside move and traded below the $57.00 support. The most important thing was a break below a major descending channel with support at $56.40 on the hourly chart, which has opened the doors for more losses.

     

    The price recently traded below the 100 hourly simple moving average and formed a low at $54.99. It is currently correcting higher with an initial resistance around the 23.6% Fib retracement level of the last decline from the $57.32 high to $54.99 low.

     

    There are many hurdles on the upside like $56.00 and the 50% Fib retracement level of the last decline from the $57.32 high to $54.99 low at $56.16 where sellers would appear. Therefore, any major corrections toward $56.00 are likely to face offers in the near term.

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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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