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 broke out of the ascending triangle during the session on Thursday, leaving the $105 level behind. This area has been very resistive over the last few months, and the move above is a major bullish sign.
The WTI Crude Oil markets rose during the session on Wednesday, but just as we saw on Tuesday the sellers stepped in and kept the market somewhat down. Get the full analysis for June 12, 2014 here.
The WTI Crude Oil markets rose during the course of the session on Tuesday, but pulled back from the $105 region to form a shooting star. While the shooting star formation is very negative, I believe that it simply shows that the market isn’t ready to breakout quite yet.
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The WTI Crude Oil markets had a very strong showing during the session on Monday, but remains below the $105 level. The area between the $104.50 level and the $105 level should continue to be resistive, but ultimately I believe that the $105 level will get broken to the upside.
The WTI Crude Oil markets fell on Thursday, breaking below the $102 level. While this is a relatively negative sign, we also saw the market bounce from there, and form a hammer. Get the analysis for June 6, 2014 here.
The WTI Crude Oil markets rose initially during the session on Wednesday, but as you can see turned back around somewhere near the $103.50 level.
The WTI Crude Oil markets fell during the course of the session on Tuesday, testing the $102.50 level in order to find support there.
The WTI Crude Oil markets fell during the bulk of the session on Monday, testing the $102.50 level. The market has been very bullish lately, but you have to keep in mind that there is a gap that needed to be filled.
The WTI Crude Oil markets had a slightly positive session on Thursday, as the $103 level did in fact offer support. I had mentioned that there was a gap below that could continue to push market higher, and as a result that prediction has come true, at least for this particular session.
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The WTI Crude Oil markets fell during the bulk of the session on Wednesday, testing the $103 level. Traders should buy dips in this market. Get the full analysis here.
The WTI Crude Oil markets initially fell during the session on Tuesday, testing the $103.50 level. However, we found enough support in that general area to bounce and form a nice-looking hammer. Will the upward momentum continue? Find out here.
The WTI Crude Oil markets were closed for the Memorial Day holiday on Monday, May 26, 2014 but as you can see the markets have recently started forming what looks to be in ascending triangle based around the resistance area at $105.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets rose during the session on Friday, testing the $105 level just above. Before placing your trades get the full analysis for May 26, 2014 here.
The WTI Crude Oil markets had a negative session on Thursday, testing the resilience of the buyers in this market. The results are in, and we certainly have enough support below to keep this market afloat in my opinion.
The WTI Crude Oil markets gapped at the open on Wednesday, clearing the $103 level and extending the move to the $104 level.