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  • Crude Oil Price Could Gain Above $70 Vs US Dollar

    Crude Oil Price Could Gain Above $70 Vs US Dollar

    • – Crude oil price is gaining momentum above the $68.00 resistance against the US Dollar.
    • – There was a break above two bearish trend lines with resistance at $67.50 and $67.75 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending September 7, 2018 was released.
    • – As per the report, the US crude oil inventories declined by around 8.636 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock report for the week ending September 7, 2018 was released. The market was positioned for a decline in the US crude oil inventories by around 5 million barrels.

     

    However, the actual result was above the market forecast as the US crude oil inventories declined by around 8.636 million barrels to 395.9 million barrels.

     

    The price gained upside momentum after the release and it moved above the $68.00 and $69.00 resistance levels.

     

    Oil Price Technical Analysis

    There was a decent support base formed near the $66.70 level by crude oil price against the US Dollar. The price partially formed a double bottom pattern near $66.70 and started an upside move above the $67.00 resistance.

     

    Oil Price Technical Analysis

     

    The price climbed above the $68.00 resistance and also settled above the 100 hourly simple moving average. Moreover, there was a break above two bearish trend lines with resistance at $67.50 and $67.75 on the hourly chart.

     

    Furthermore, there was a break above the 61.8% Fib retracement level of the last decline from the $71.13 high to $66.70 low. It opened the doors for more gains and the price moved above the $69.20, $69.40 and $69.50 resistance levels.

     

    The next resistance for buyers is near the $70.00 level and the 76.4% Fib retracement level of the last decline from the $71.13 high to $66.70 low. Once there is a break above the $70.00, $70.08 and $70.20 levels, the price is likely to surge towards the $71.00 level. If buyers remain in control, the price may even test the $71.13 high in the near term.

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  • Crude Oil Price Remains in Uptrend Above $68.00 Vs US Dollar

    Crude Oil Price Remains in Uptrend Above $68.00 Vs US Dollar

    • – Crude oil price started a solid rise from the $67.00 swing low against the US Dollar and moved higher.
    • – There is a major bullish trend line formed with support at $68.20 on the hourly chart.
    • – Recently in the US, Baker Hughes reported Rig Counts (August 24, 2018) report was released.
    • – According to the report, the Baker Hughes Oil-rig count declined from the last reading of 869 to 860.

     

    Baker Hughes Oil-Rig Count

    Recently in the US, Baker Hughes reported Rig Counts (August 24, 2018) report was released. The market was positioned for no major change in the Baker Hughes Oil-rig count from the last reading of 869.

     

    However, the actual count was a bit lower, as the Baker Hughes Oil-rig count declined from 869 to 860. Moreover, the total active U.S. rig count (comprising oil and natural-gas rigs) decreased from 1,057 to 1,044.

     

    There was a minor bearish reaction in oil price from the $69.20 swing high, but the price remains supported above $68.00.

     

    Oil Price Technical Analysis

    There was a bottom formed near the $64.00 level in oil price against the US Dollar. The price started an upside move, broke the $65.00, $65.80, $67.00 and $68.00 resistance levels, and settled above the 100 hourly simple moving average.

     

    Oil Price Technical Analysis Chart

     

    The price even traded above the $69.00 resistance and formed a high at $69.19. Later, there was a downside correction and the price declined below $69.00 and the 23.6% Fib retracement level of the last wave from the $67.32 low to $69.19 high.

     

    The price dropped below the $68.50 level, but buyers appeared near the $68.20 level. Moreover, the 50% Fib retracement level of the last wave from the $67.32 low to $69.19 high also acted as a strong support.

     

    On the downside, there is a major bullish trend line formed with support at $68.20 on the hourly chart. Below the trend line, there is a horizontal support near the $68.00 level. As long as the price is above these supports, the price is likely to remain in an uptrend towards $69.00. Above $69.00, the price will most likely break $69.19 for more gains in the near term.

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  • Crude Oil Price Recovery Could Be Capped Vs US Dollar

    Crude Oil Price Recovery Could Be Capped Vs US Dollar

    • – Crude oil price recovered after trading below the $63.50 against the US Dollar.
    • – There are two bearish trend lines formed with resistance at $65.10 and $65.65 on the hourly chart.
    • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending June 15, 2018 was released.
    • – As per the report, there was a decline in the crude oil inventories by 3.016 million barrels.

     

    API Weekly Crude Oil Stock

    Recently in the US, the API Weekly Crude Oil Stock report for the week ending June 15, 2018 was released. The market was positioned for a drop in the crude oil inventories by roughly 1.20 million barrels.

     

    However, the actual result was better as there was a decline in the crude oil inventories by 3.016 million barrels. It was a positive outcome and had an upside impact on oil prices.

     

    The price moved above the $64.50 level, but it seems like it is approaching a couple of important hurdles below the $65.60 level.

     

    Oil Price Technical Analysis

    There was a sharp drop in crude oil price from well above $66.00 against the US Dollar. The price declined heavily and broke the $65.00 and $64.00 support levels. There was also a close below the $65.00 level and the 100 hourly simple moving average.

     

    Oil Price Technical Analysis

     

    The price traded as low as $63.35 before a fresh recovery was initiated. The price jumped above the $64.50 resistance and the 50% Fib retracement level of the last decline from the $67.00 high to $63.35 low.

     

    However, there are many barriers above the $65.00 level. There are two bearish trend lines formed with resistance at $65.10 and $65.65 on the hourly chart. Oil price was already rejected once from $65.60 and the 61.8% Fib retracement level of the last decline from the $67.00 high to $63.35 low.

     

    Therefore, if the price continues to move higher, it could face a strong barrier near the $65.50-60 zone. As long as it the price is below this, it could move down once again below the $64.50 level. On the flip side, above $65.60, the price may move towards the $66.00 level in the near term.

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  • Crude Oil Price is Back in Downtrend Vs US Dollar?

    Crude Oil Price is Back in Downtrend Vs US Dollar?

    • – Crude oil price started a downside move from well above $68.00 against the US Dollar.
    • – There is a crucial declining channel in place with resistance near $65.25 on the hourly chart.
    • – Recently in China, the Caixin Services PMI for May 2018 was released.
    • – The outcome was around the market forecast as there was no change from the last reading of 52.9.

     

    China’s Caixin Services PMI

    Recently in China, the Caixin Services PMI for May 2018 was released. The market was positioned for a no change from the last reading of 52.9 in May 2018.

     

    The actual result was around the market forecast as there was no change from the last reading of 52.9. Moreover, China’s Composite Output Index also was unchanged from April’s reading of 52.3.

     

    Overall, the outcome was neutral and it seems like crude oil price current recovery may be capped near $65.25 and $65.50.

     

    Oil Price Technical Analysis

    After a decent upside move, crude oil price formed a short-term top near the $68.40 level against the US Dollar. The price started a downside move and broke a few important supports such as $68.00, $67.40 and $66.00.

     

    Oil Price Technical Analysis

     

    The price settled below the $66.00 support and the 100 hourly simple moving average. It is also following a crucial declining channel with resistance near $65.25 on the hourly chart. The recent low was $64.52 from where the price started an upside correction.

     

    The price has moved above the 23.6% Fib retracement level of the last decline from the $65.97 high to $64.52 low. However, there is a major hurdle on the upside near $65.25, channel, and the $65.50 barrier.

     

    Moreover, the 50% Fib retracement level of the last decline from the $65.97 high to $64.52 low is also near $65.25 to act as a key resistance. If there is an upside break above the $65.25 level and $65.50, there is a chance of a recovery towards $66.00. On the other hand, if the price fails to move higher, it could resume its downtrend and it may perhaps break the last low of $64.52 to extend its decline.

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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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