• Home
  • Contact
  • Privacy Policy
  • Store
my forex coaching
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
my forex coaching
No Result
View All Result
Home Technical Analysis

Crude Oil Price Still Building Big-picture Base

Forex Tips by Forex Tips
November 11, 2022
in Technical Analysis
0
Crude Oil Price Still Building Big-picture Base
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Crude Oil Technical Highlights:

  • WTI crude oil largely remains a mess in the short-term
  • Longer-term chart, however, shows a bullish base being built

Recommended by Paul Robinson

Get Your Free Oil Forecast

Trading crude oil in the short-term requires moving with every twist and turn, but overall the price action since summer smacks of a base being built. This should bode well for oil at some point, but traders may have to be patient before getting the move.

Ideally, oil continues to hold around the mid-80s as a probe down towards the September low near 76 would take some of the shine off the set-up. A move down to that point won’t necessarily ‘wreck’ the bullish picture, but will require more time.

Given how the base is starting to shape up it could finish up at any time, but we may see some more chop in the coming weeks as well. That is the thing about bases, they can be sloppy with a few starts and stops before eventually working into a sustainable breakout.

At any rate, the failed breakout above 93.64 on Monday helped forge a price to watch as a possible spot that if broken could get oil on a roll higher. The way this could play out is a bit more backing-and-filling which creates a more stable pattern to lean on.

For now, in watch-and-see mode. If currently trading oil in the near-term, taking a ‘hit-and-run’ approach may work best given the choppy environment, but at some point a sustained trade looks to potentially be in the cards.

Recommended by Paul Robinson

Futures for Beginners

Crude Oil (CL1!) Daily Chart

Chart, histogram  Description automatically generated

WTI 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





Source link

Share76Tweet47

Related Posts

Natural Gas Technical Outlook: How Much More Downside?

Natural Gas Technical Outlook: How Much More Downside?

by Forex Tips
February 3, 2023
0

Natural Gas, NG - Technical Outlook:A major double top pattern points to further downside in natural gas.No sign of...

Our data shows traders are now net-long GBP/USD for the first time since Jan 17, 2023 when GBP/USD traded near 1.23.

Our data shows traders are now net-long GBP/USD for the first time since Jan 17, 2023 when GBP/USD traded near 1.23.

by Forex Tips
February 2, 2023
0

Number of traders net-short has decreased by 19.21% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIGBP/USDBEARISH50.27%49.73%5.46% Daily29.25%...

Crude Oil Technical Outlook: Downward Pressure Intact

Crude Oil Technical Outlook: Downward Pressure Intact

by Forex Tips
February 2, 2023
0

CRUDE OIL, WTI - Technical Outlook:Crude oil’s immediate downward pressure remains intact.However, the weakness since last year hasn’t changed...

Bullish View Intact After the Fed

Bullish View Intact After the Fed

by Forex Tips
February 2, 2023
0

S&P 500, SPX, NASDAQ 100, NDX - TECHNICAL OUTLOOK:US equities’ technical posture continues to improve.The S&P 500 and the...

Natural Gas Price Plunge Extends, Milder-Than-Expected US Weather in Focus

Natural Gas Price Plunge Extends, Milder-Than-Expected US Weather in Focus

by Forex Tips
February 2, 2023
0

Natural Gas, US Weather Outlook, 7th Week of Losses? – Technical Update:Natural gas prices fell the most on Wednesday...

Load More

Recent Posts

  • Natural Gas Technical Outlook: How Much More Downside?
  • Our data shows traders are now net-long GBP/USD for the first time since Jan 17, 2023 when GBP/USD traded near 1.23.
  • What is the Golden Cross Strategy & How Does it Work?
  • Is the Metaverse really turning out like ‘Snow Crash’? – Cointelegraph Magazine
  • ECB Hike Rates by 50bps, EURUSD Looks Vulnerable
Forex Pulse Detector

Categories

  • Alerts
  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.