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Home Technical Analysis

Inaction to Turn into Action?

Forex Tips by Forex Tips
August 22, 2020
in Technical Analysis
0
Crude Oil Price Struggles For Momentum- Brent Oil Forecast
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Crude Oil Technical Highlights:

  • WTI crude oil unable to climb above confluent resistance
  • Continue to monitor risk trends for cues

WTI crude oil unable to climb above confluent resistance

Crude oil movement has been very minimal in recent weeks, and until it can get some separation from big resistance this may continue to be the case. Resistance comes by way of the 2017 and 2018 lows and 200-day, just after filling the Saudi-induced gap back in March. A bit spot here.

Price action since the gap-fill in early June is taking on the shape of a wedge, and given the proximity of price to the apex we appear to be on the cusp of a move. Break into the 44s and WTI may pick up some steam, perhaps towards 50/51, several swing-lows from 2019. Break down out of the wedge and we could see oil quickly drop towards the 35 level, the bottom of the wedge.

Keep an eye on risk-trends, namely stocks, as oil is a big part of the “recovery” theme. Higher stocks may not drag oil along for the ride, though, as much as a stock market decline would undermine oil prices. This seems to have become apparent recently with stocks rising over the past two months while oil sputters at resistance.

This next week may bring more of the same choppy price action, but again, with price so close to the apex of a wedge pattern it could break at any time so be prepared for inaction to turn into action…

Oil Forecast

Oil Forecast

Recommended by Paul Robinson

Check out the Q3 Crude Oil Forecast.

Crude Oil Daily Chart (wedging at resistance)

Crude Oil Weekly Chart

Crude Oil Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX





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