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 Monday, challenging the top of the shooting star that the market had formed on Friday.
The WTI Crude Oil markets try to rally during the session on Friday, but as you can see gave back almost all of the gains, especially as we hit the $94.00 handle.
The WTI Crude Oil markets did almost nothing during the abbreviated session on Thursday, and remains just below the $92.50 handle.
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The WTI Crude Oil markets fell during the session on Wednesday, falling farther than I honestly thought they would. The $92.50 level of course has been significant support recently, and the nice well-defined consolidation area has been violated.
The WTI Crude Oil markets fell during the session on Tuesday, to test the $93.50 level again. This is an area that has been supportive over the last several weeks, and as a result it does not surprise me that we continue to see it hold up.
The WTI Crude Oil markets fell initially during the open on Monday, and as you can see, continue to go much lower. However, by the time the day ended, we did form a hammer, which of course is a bullish sign.
The WTI Crude Oil markets spent the majority of Friday falling, but did get enough of a bounce from the $94 level in order to form a hammer. This is of course a bullish sign, and the market looks as if it wants to go higher as a result.
The West Texas Intermediate market rose during the session on Thursday, plowing into the $95.50 level as you can see, which has significant and the fact that it is the top of the recent consolidation area that we've been monitoring.
The WTI Crude Oil markets initially fell during the session on Wednesday, but bounced back in order to find enough support to form a hammer. This hammer just continues the long line candles that show.
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The WTI. Oil markets drifted slightly lower during the session on Tuesday, but found a little bit of support in approach the $94 handle again.
The WTI Crude Oil markets tried to rally during the session on Monday, but as you can see were repelled yet again near the $95 level in order to pull back and form a shooting star.
The WTI Crude Oil markets continue to look a bit weak overall, as the market seems to be content sticking around the $94 level. This area looks as if it could be a bit of accumulation, or possibly the calm before the storm so to speak, as we go lower.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets fell during the majority of the session on Thursday, but as you can see the $92.50 level offered enough support to push this market up and form a hammer.
The WTI Crude Oil markets tried to rally during the session on Wednesday, but as you can see got sold off towards the end of the day in order to form a shooting star.
The WTI Crude Oil markets fell during the session on Tuesday, sending the market well below the $95 level, showing that the market is continuing to show weakness overall.