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 bulk of the session on Thursday, but found enough support below the $100 level to turn around and form a hammer.
The WTI Crude Oil markets rose during the session initially on Wednesday, but as you can see the area above the $101 level was a bit too resistive, and therefore push the market back down.
The WTI Crude Oil markets fell during the session on Tuesday, but found enough support just below the $100 level to form a hammer for the session again. This is the second hammer in a row, and now I feel fairly confident that the $100 level will continue to offer support in this market, pushing the market higher.
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The WTI Crude Oil markets initially fell during the session on Monday, but as you can see found support at the $99 handle in order to bounce and form a hammer.
The WTI Crude Oil markets rose during the session on Friday, as the general “risk on” rally continued despite very uninspiring jobs numbers out of the United States.
The WTI Crude Oil markets try to rally during the session on Thursday, but as you can see struggle do just below the $99 handle. That being said, the $99 handle of course had been supportive in the past and the fact that we pullback informed a shooting star would normally be a very negative sign.
The WTI Crude Oil markets gapped higher at the open on Wednesday, but as you can see we essentially went back and forth, banging around in a relatively tight range.
The WTI Crude Oil markets rose significantly during the session on Tuesday, climbing back above the $97 level again. This candle simply retraced all of the losses that we found on Monday, ultimately keep in the market going sideways.
The WTI Crude Oil markets tried to rally during the session on Monday, but didn’t hang onto the gains as selling pressure intensified.
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The WTI market fell during the session on Friday, testing the $97 level finding support at that exact area. We have recently broken out over the last 48 hours, so it makes sense that we would pull back to try and find more buyers.
The WTI Crude Oil markets rose during the session on Thursday, breaking above the $98 level. With that, we have finally broken out above the level that I thought would be the biggest problem in the near term.
The WTI Crude Oil markets initially fell during the session on Wednesday, but as the market progress through the session, we saw enough buyers step in to form a hammer. With that, it suggests that the market is in fact going to try to go higher, and on a break above the $98 level I see no reason why it won’t.
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The WTI Crude Oil market initially fell during the session on Friday, but had enough support at the $96 level to bounce hard enough to form a hammer.
The WTI Crude Oil markets had another positive session on Thursday, poking up above the $97 level. This market looks like it’s ready to continue going higher, and as a result I feel that the market will continue to go higher over the longer term as well.