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 Friday, as the nonfarm payroll numbers come out just a little bit better than anticipated.
The WTI Crude Oil markets fell during the session on Thursday, finding plenty of support down at the $100 level though. The resulting action caused a hammer to form, and now I am getting more and more bullish of this contract.
The WTI Crude Oil markets fell hard on Wednesday, testing the $101 level for support. While the level did hold, it seems to be threatened significantly, and I feel that this market is probably going to continue to fall a bit.
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The WTI Crude Oil markets fell heavily during the session on Tuesday, retaking a lot of the gains that the market had during the Monday session.
The WTI Crude Oil markets gapped higher at the open on Monday, primarily in reaction to the Russian invasion of the Crimean peninsula, which of course has repercussions as far as risk appetite is concerned around the world.
The WTI Crude Oil markets have slightly positive session at the end of the day on Friday, after initially gapping lower. The gap wasn’t much though. Rather, I look at the totality of the move recently action and feel that the $102 level is indeed trying to act as a bit of a base in order for this market to go higher.
The WTI Crude Oil markets fell during the session on Thursday, showing significant weakness during the day but remaining above the $102 level. The resulting daily candle is a shooting star, so we have to wonder whether or not this market is going to start falling.
The WTI Crude Oil markets fell during the session on Tuesday, but found more than enough support down at the $101 level to turn everything back around and keep the market afloat. In fact, the support was strong enough to push the markets up roughly 1 dollar, which formed a nice-looking hammer for the daily candle.
The WTI Crude market went back and forth during the session on Monday, essentially settling nothing. The one thing that the chart does show me is that the $102 level is currently acting as a little bit of a support level.
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The WTI Crude Oil markets fell during the bulk of the session on Friday, but as you can see found enough support at the $102 level to turn back around and form a hammer by the end of the day.
The WTI Crude Oil markets initially fell during the session on Thursday, but found enough support above the $102 level in order to bounce and form a hammer.
The WTI Crude Oil market continues to gain ground as the Wednesday session was positive as well. We closed just below the $103 level, but it’s now obvious that the $102 level is going to bring in more buyers.
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The WTI Crude Oil markets found strength during the session on Monday, but it should be noted that the session would have been weighted towards the Asian and European time frames, as the Americans celebrated President’s Day, therefore limiting the liquidity during part of the session.
The WTI Crude Oil markets fell during most of the session on Friday, but as you can see bounced hard enough to form a hammer. Over the last five sessions, we have seen four hammers and one shooting star.