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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On the last day of trading four 2013, you can see that the WTI Crude Oil markets had fallen down to the $98.50 level. This area begins a significant amount of support as far as I can tell, and as a result I believe that we will see a supportive candle in the next couple of sessions.
The WTI Crude Oil markets fell during the session on Monday, crashing into the $99 support level. This is an area that offered quite a bit of resistance last week, so it’s not a big surprise to me that it offered support this week.
WTI Crude Oil rose during the session on Friday, but as you can see we more importantly broke above the $100 level. Because of this, I feel that this market will continue to go higher, and that we are about to attempt to break into the previous consolidation area from back in October.
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The WTI Crude Oil markets had a positive session on Thursday, as traders came back from the Christmas break. The market of course closed above the $99.50 level, which is a slightly significant when for the buyers, as it has kept the buyers at bay for a few sessions.
The WTI Crude Oil markets were obviously closed for the Christmas holiday, but as you can see the markets have been hanging about the $99 level recently.
The WTI Crude Oil markets fell during the session on Monday, pulling back from the $99.50 handle. Ultimately, I see a lot of support just below current levels, and therefore I’m not willing to start selling into this move.
The WTI Crude Oil markets rose during the session on Friday, continuing the bullish attitude that we have seen for some time now. This market looks like it’s destined to test the $100 level, and then the $101 level.
The WTI Crude Oil markets had a positive showing on Thursday, piercing the $99.00 level. This of course shows that the market still has some bullish intentions, but the fact that we gave back over half of the gains has me a bit concerned.
The WTI Crude Oil markets went back and forth during the session on Wednesday, as we continue to meander around the $98 handle. The $98 handle has shown a significant amount resistance lately, but I don’t necessarily think that it’s any type of major blockade for the buyers, it’s just simply the fact that we’re getting towards the end of the year.
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The WTI Crude Oil markets have a positive session on Monday, breaking above the $97.50 level for the close. As a matter of fact, we went as high as $98, but stopped abruptly and turned back around as the area showed itself to be far too resistive.
The WTI Crude Oil markets fell during the majority of the session on Friday, challenging the $96.40 level. I still believe that this market goes higher eventually, but the $95.50 level will offer as a magnet to price, and a supportive area.
The WTI Crude Oil markets tried to rally during the session on Thursday, but you can see that just above the $98 handle we ran into enough resistance to push the market back down and form a shooting star.
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The WTI Crude Oil markets rose during the session on Tuesday, breaking above the $98.50 level. That area is the opening to the $99.00 level, an area that I believe will be broken and allow the market to go as high as $101 in the short term.
The WTI Crude Oil markets fell during the session on Monday, as the $98.00 level offered far too much resistance. That being the case, it feels as if the market is going to pullback from here, which of course would be healthy considering the impulsive move that we've had over the last couple of sessions.