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 fell during the session on Tuesday, breaking well below the $100 level by the end of the day.
The WTI Crude Oil market fell during most of the session on Monday, but as you can see found enough support near the $101 level to turn things back around and print a hammer for the day.
The WTI Crude Oil markets try to rally during the session on Friday, and although we did finish with a positive close, we ended up forming a shooting star as well that is based on the $102 level.
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The WTI Crude Oil markets rose during the session on Wednesday, but most importantly closed above the $100 level. This is an area that has caused quite a bit of trouble for the WTI Crude Oil markets recently, and closing above it is in fact as far as I can tell a positive sign.
The WTI Crude Oil markets went back and forth on the session for Tuesday, as we continue to hover around the $99 handle. This is the epicenter of trading action at the moment as we had recently broke out above the $99 level, but as you can see we really can’t pick up enough momentum to break above the $100 level.
The WTI Crude Oil markets try to rally during the session on Monday, but as you can see the $100 level has offered a bit too much resistance for the second day in a row.
The WTI Crude Oil markets rose during the session on Friday, after initially gapping down just a little bit. At the end of the day, we had punctured the $100 level, but could not remain above it.
The WTI Crude Oil markets fell during the session on Thursday, dipping down to the $98.00 level. That area of course found enough support in order to push the market back up and form a hammer.
The WTI Crude Oil markets fell initially during the session on Wednesday, but found enough support at the $90 handle in order to turn things back around and form a hammer of sorts.
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The WTI Crude Oil markets had a positive session on Tuesday, as we took back most of the losses for the session on Monday.
The WTI Crude Oil markets fell hard during the session on Monday, but as you can see found the $97 level to be supportive. We bounce slightly from that level, and as a result I’m not too surprised if this market continues to consolidate in the short-term.
The WTI Crude Oil markets initially fell during the session on Friday, but as you can see found enough support to turn things back around and form a hammer.
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The WTI Crude Oil markets fell during the session on Tuesday, slicing through the $100 level. However, we’re not completely through the support yet, so I am not comfortable shorting.
The WTI Crude Oil markets fell during the session on Monday, testing the $101 level for support. This area of course has been supportive in the past, as well as resistance.