Oil is one of the most commonly traded commodities in the world, and is available for trade in most of the top Forex trading platforms, as well as in many leading binary options platforms.
Oil is often known as petroleum, though in reality, petroleum is the result of the processing of crude oil, a natural liquid that is found underground. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets.
Likewise, oil prices also affect the Forex market, and therefore, it’s hardly surprising that many Forex traders also keep an eye on crude oil prices, and many even trade crude oil as a way to diversify their trading. To help you expand your trading horizons, the DailyForex trading room is happy to provide you with regular crude oil price technical analysis – we hope that it helps you trade profitably!
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The WTI Crude Oil market fell during the course of the day on Wednesday, but found enough support just below the $50 level to turn things back around and form a little less destructive candle that we had intentionally trying to do.
The WTI Crude Oil market initially tried to rally during the course of the day on Wednesday but turn right back around to form a shooting star.
The WTI Crude Oil market went back and forth during the course of the day on Wednesday, using the $44 level house a magnet for price. Natural gas markets rose during the day on Wednesday again, as we continue to bounce around in a consolidative tone.
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The WTI Crude Oil market went back and forth during the course of the session on Thursday, as we tested the $46 level. The natural gas markets fell significantly during the course of the session on Thursday, wiping out most of the gains from the Wednesday session.
Oil prices were collapsing earlier this year, but they’ve since rebounded nearly 60% from their February lows. Is the price going to keep rising?
The WTI Crude Oil market tried to rally during the course of the day on Thursday but found far too much in the way of resistance above at the $38 level. Natural gas markets fell a bit during the course of the session on Thursday, breaking below the $2 level.
The WTI Crude Oil market initially tried to break above the $48 level, but turned back around to a relatively negative candle.
Looking at the WTI Crude Oil market, you can see that we went back and forth during the course of the session on Thursday. This was preceded by a massively bullish candle on Wednesday, and a hammer on Tuesday.
During the session on Tuesday, the WTI Crude Oil market finally broke well below the $44 level, showing that continued weakness should be what we see.
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The WTI Crude Oil market initially tried to rally during the day on Monday, but turned back around and fell significantly.
The WTI Crude Oil markets fell initially during the day on Tuesday, but bounced significantly and ended up forming a hammer.
The WTI Crude Oil markets found support at the $44 level again during the course of the session on Thursday, as we continue to consolidate between the $44 level on the bottom, and the $46 level on the top.
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The WTI Crude Oil markets fell apart during the session on Wednesday, as futures traders sold off the commodity. This of course was aided by a larger than anticipated Crude Oil Inventory build during the session on Wednesday as the US added 2.6 million barrels as opposed to losing 600,000 barrels as anticipated.
The WTI Crude Oil market continues to show weakness during the Thursday session as we broke down below the $45 barrier. Because of this, I think we are going to continue to sell off every time we rally and therefore I’m looking for short-term rallies to take advantage of as selling opportunities.