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RAW OIL WEEKLY TECHNICAL PERSPECTIVE PRICES
- Crude oil climbed over last 5 trading days as prices fluctuated between technical support and resistance levels
- Oil prices could continue to rebound after the sharp fall recorded at the beginning of the month, but they must first overcome a significant level of confluence
- Download the DailyFX Q3 for free Crude oil price forecast for complete technical and fundamental perspectives
Crude oil prices stagnated last week after fluctuating 4% between key technical confluence areas, while traders are struggling to determine the next direction for the product. Crude oil prices have remained moderate since their slide of nearly 10% earlier this month – strong selling has accelerated after a strong rejection of the technical resistance we reported in our previous report. technical price of crude oil technical outlook.
PRICE TABLE OF RAW OIL: FRAME OF 2 HOURS (FROM JULY 10, 2019 TO JULY 26, 2019)
Although the commodity has been trying to make up for its series of losses over the past two weeks, crude oil prices have been relatively under control, with WTI currently trading at $ 56.09. However, a short-term uptrend line began to form as crude oil prices recorded a series of highest lows since July 19, which could provide some technical support in the future. The technical characteristics still appear to be damaged, due to the few aggressive sales that have occurred recently. As such, several key resistance levels can prevent bullish momentum.
Check out these crude oil trading strategies and tips to better understand the oil trade
PRICE TABLE FOR RAW OIL: DAILY CALENDAR (NOVEMBER 29, 2018 TO JULY 26, 2019)
That said, the bulls will be looking to eclipse single-moving averages at 20, 50 and 200-day negatively sloped, in addition to the technical resistance posed by Fibonacci retracement levels around $ 57.00 to $ 57.50 a week next. Crude oil prices have gathered around the current price zone this year, which could limit crude oil prices if the confluence zone prevents traders from pushing up the commodity. Although the aforementioned short-term uptrend line linking the intraday troughs of June 12 and July 24 could push up crude oil prices.
Discover the main facts about crude oil that every operator should know
If stock prices can reach $ 57.50 next week – the price level close to the Fibonacci retracement of 38.2% from the sharp rise in crude oil to $ 66.00 on the December 24th trader price – the low oil could start to come back in favor of the bulls. The recovery of the RSI index above 50 could provide evidence of the bullish recovery of crude oil prices. If these technical goals can be overcome, crude oil prices will likely be able to test resistance to the downtrend line of April 23. On July 11, the highest intraday swing.
PETROLEUM PRICE VOLATILITY AND RAW OIL TABLE: DAILY CALENDAR (JANUARY 31, 2018 – JULY 26, 2019)
As for volatility of oil prices, a break under the uptrend line since April would be a constructive factor for further advances in crude oil prices, given their strong inverse relationship. The Fibonacci 38.2% retracement of the near-vertical drop in crude oil prices from October 2018 to December 2018 also highlights the main focus around the current price level that could be consolidated as support for the next week.
Conversely, another hard rejection at this key technical level remains a possibility.An increase in oil volatility could serve as an indicator, indicating that a decline in crude prices is likely. If the WTI slips below this zone along with the increasing volatility of oil prices, the crude oil bear may try to push the product down, released last month at around $ 51.00.
What is the difference between WTI and Brent Oil?
INDEX OF CUSTOMER FEELING IG – RAW PRICE GRID: DAILY CALENDAR (FROM JANUARY 28, 2019 TO JULY 26, 2019)
According to the last Sense of the client IG According to the data, 66.6% of retail crude oil traders have a net net, giving a long-to-short ratio of 1.99 to 1. Crude oil traders have remained net since July 12, despite price drop of 6.9%. However, changes in customer positioning suggest that retail traders are becoming less and less optimistic about the bullish outlook for crude oil prices, with their numbers significantly higher by 2.7% than last week, while that the number of short-term traders was 14.0% higher. last week.
— Written by Rich Dvorak, Junior Analyst for DailyFX.com
Connect with @RichDvorakFX on Twitter for a real-time market overview
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