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 markets rose during the session on Tuesday, after falling below the $102 level and testing it for support.
The WTI Crude Oil markets rose during the session during Monday, and as a result the markets look as if they are getting ready to continue higher.
The WTI Crude Oil market did very little during the session on Friday, essentially carving out a range between the $101 level on the bottom, and the $102 level on the top.
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The WTI Crude Oil markets tried to rally initially during the session on Thursday, but as you can see the $102 level offered far too much in the way of resistance, thereby pushing the market back down to the $101.50 area.
The WTI Crude Oil markets tried to rally after gapping higher on Wednesday, but as you can see gave back most of the gains by the end of the session. The result of this of course was that the market formed a shooting star, which of course is a very negative sign.
The WTI Crude Oil markets rose during the session on Tuesday, testing the $102 level, which was the initial target that I had set.
The WTI Crude Oil markets rose during the majority of the session on Friday, but found the $101 level to be far too resistive.
The WTI Crude Oil markets fell during the majority of the session on Thursday, finding the $101 level to be significant resistance. With that, the reality is that the market probably fell slightly because the $101 level has been support and resistance in the past.
The WTI Crude Oil markets had a strong showing on Wednesday, breaking above the top of the shooting star from the Tuesday session. This of course is a very positive sign, and as a result I believe that this market is going to try to reach the $102 level in the short term.
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The WTI Crude Oil markets tried to rally during most of the session on Tuesday, but as you can see found far too much in the way of resistance of the $100.50 level, an area that has been a bit of an enigma to buyers lately.
The WTI Crude Oil markets rose during the session on Friday, breaking above the $100 level by the time the session closed. Because of this it appears that the market is ready to go higher, and I recognize that a move above the $100 level is in fact significant.
The WTI Crude Oil markets fell during the bulk of the session on Thursday, testing the $99 handle. This is an area where I expect to see a significant amount of support, so the fact that we bounced a little bit towards the end of the day really doesn’t surprise me much.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets tried to rally during the bulk of the session on Tuesday, but as you can see found enough resistance near the $102 level to keep the market somewhat soft.
The WTI Crude Oil markets gapped slightly higher at the open on Monday, but as you can tell by the chart went back and forth and essentially ended the day where we started.
During the Friday session, the WTI Crude Oil markets fell rather hard. The candle of course closed just above the $100.50 level, but more importantly close towards the very bottom of the range.