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Market Recap: 7 - 11 January

 

 
On Tuesday last week we covered UK Oil which since writing has continued to move higher to multi-week highs above $62, before easing a little to start the new week. The current key level remains $58, as it has met some resistance at this level around a week ago and eased lower, which was to be expected after this level offered strong support to oil to finish last year. 
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UK Oil - Rallies to Key Level of 58 on OPEC production cuts

 

 
After doom and gloom to close out 2018, oil has started this year in much better spirits rallying well and moving back to the key $58 level. It has however met some resistance at this level and moved back down below, which was to be expected after this level offered strong support to oil to finish last year. Starting at the beginning of October, oil fell sharply from its multi-year high above $86 down to its lowest levels in 12 months below $58 at the end of November before falling lower to 18 month lows a couple of weeks ago. For several weeks, oil was able to find some much needed support from around $58 and enjoy a reprieve from the immense selling pressure which has dominated it for the last couple of months prior, which is why this level has currently significant.
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Market Recap: 3 - 7 December

 

 
On Tuesday last week we covered the AUDUSD and the key level at the time was the 0.73 level. However the AUDUSD spent all of last week falling sharply moving right through the 0.73 level and it now has eyes on another key level at 0.7150. Just prior to its recent push higher the AUDUSD had been quite content to take a breather and enjoy solid support from 0.7050 as it has traded along that level for several weeks throughout October. 
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UK Oil - Bounces Off Support around 58 as OPEC Meeting Looms

 

 
In the last couple of weeks, oil has been able to find some much needed support from around $58 and enjoy a reprieve from the immense selling pressure which has dominated it for the last couple of months. Since the beginning of October, oil has fallen sharply from its multi-year high above $86 down to its lowest levels in 12 months below $58 in the last few days, however it has been able to reach a two week high in the 24 hours. A few weeks ago it hit the key level of $71 where it did receive some temporary support from, and likewise at $75 which propped up oil for a week. However both of those key levels gave way to immense selling pressure pushing it lower. Due to the significance of the $71 level, this is now likely to offer resistance should oil continue its rally higher.
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Market Recap: 19 - 23 November

 

 
On Monday last week covered the 30 index and the key level at the time at the time was the 25,000 level. Earlier in October the index found solid support from this level although it did break down through that level to its lowest level in four months. It was able to recover strongly and enjoy a strong resurgence moving from the multi-month lows back up to the key 26,200 level. It formed a classic doji candlestick at this level before reversing. Many would have expected the index to enjoy more support from the 25,000 level however throughout last week it broke through strongly and continued to decline to near the four month lows again. The next obvious key level will be 24,000 as the index enjoyed some strong support in the first half of this year.
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UK Oil - Drops to 12 Month Low Despite OPEC Expected to Cut

 

 
In the last couple of months, oil has fallen sharply from its multi-year high above $86 down to its lowest levels in 12 months below $62 in the last 24 hours. A couple of weeks ago it hit the key level of $71 where it did receive some temporary support from, and likewise at $75 which propped up oil for a week. However both of those key levels have given way to immense selling pressure pushing it lower. As was mentioned a couple of weeks ago, due to the significance of the $71 level, oil may drop sharply should that level give way – this is now likely to offer resistance should oil rally soon.
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UK Oil - Eyes off Support at $71 as Sanctions Take Effect

 

 
In the last month, oil has fallen sharply from its multi-year high above $86 down to the key level of $71 where it is likely to receive some support from. A week ago the decline halted as oil enjoyed solid support at the key $75 level for around a week before dropping through and falling lower. The $71 level has been significant for the last year and should oil drop lower again, it could easily continue a lot lower. Oil enjoyed a very healthy August and September moving from that key $71 level to its highs before falling back to the same level. Oil is now likely to meet some resistance from the $75 level should it rally higher.
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UK Oil - Bounces Off Support at $75 as OPEC Signals Output Cuts

 

 
In the last few weeks, oil has fallen sharply from its multi-year high above $86 down to the key level of $75 where it has enjoyed solid support in the last couple of days. Oil enjoyed a very healthy last couple of months moving from the key $71 level to its highs before easing back to its current trading levels. Whilst possibly not as significant as the $70 level, the $75 level has played a role in oil’s price in recent times and is likely to continue to support oil as it attempts to regain some lost ground. It may also receive some resistance from the $80 level as only last month oil was struggling with the resistance around the key $80 level despite strong surges higher in the few weeks leading up to it.
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UK Oil - Falls to Support at $80 on Market Sell-Off

 

 
In the last week or so, oil has eased lower from its multi-year high above $86, although the fall accelerated in the last few days to finish the week. Oil has enjoyed a very healthy last couple of months moving from the key $71 level to its highs before easing back to its current trading levels. It is highly likely to enjoy some support from the current $80 level. For a couple of weeks oil was struggling with the resistance around the key $80 level despite strong surges higher in the few weeks leading up to it, however it was finally able to surge higher through the resistance level at $80 to reach the multi-year highs.
 
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UK Oil - Surges Through Resistance at $80 to Three Year High

 

 
The last week has seen oil surge higher through the resistance level at $80 to reach a three year high above $83. For the last week or so prior oil was struggling with the resistance around the key $80 level despite strong surges higher in the few weeks leading up to it. A few weeks ago it fell back sharply towards another key level in $75, before having another run at the resistance at $80. Oil has enjoyed a very healthy last couple of months moving from the key $71 level to its current trading levels. Just prior to this pronounced move, oil was content to remain within its trading range between $71 and $75.
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