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, testing the $93 level. That level has offered support though, and as a result the candle does look a little bit like a hammer.
The WTI markets did very little during the session on Monday, essentially reaffirming the fact that the 95 level is going to be a slightly resistive area, while the 94 level will be supportive.
The WTI Crude Oil markets fell hard during the session on Friday, breaking below the all-important $96 handle.
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The WTI Crude Oil markets did almost nothing during the session on Thursday, but remains true to the idea that the $96 level is going to continue to be supportive.
The WTI Crude Oil markets initially fell during the session on Tuesday, but as you can see found enough support to bounce and form a hammer. This hammer of course is a relatively strong looking candle, and as a result we think this market will continue to go higher, probably testing the $100 level in the short term.
The WTI Crude Oil markets rose during the session on Monday again, essentially confirming that the supportive hammer looks to be able to hold the market higher.
In the WTI Crude Oil markets rose during the session on Friday, breaking the top of the Thursday hammer. This of course is a classic bully signal, and as a result I am long of this market for the short term.
The WTI Crude Oil markets fell during the session on Wednesday, finding support at the $96 level. The resulting bounce formed a nice hammer for the day, and this of course is very supportive looking candle all of a sudden.
The WTI Crude Oil markets initially tried to rally during the session on Tuesday, but as you can see ran into a lot of trouble just above the $100 level.
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The WTI Crude Oil markets fell hard during the session on Monday, plunging down towards the $99 handle. However, the $99 level is the bottom of the support zone that I had been talking about, so I do not have a sell signal yet.
The WTI Crude Oil markets tried to rally during the session on Friday, but struggled as you can see. The resulting candle formed a shooting star, which of course is a bearish sign. However, I think this market has far too much in the way of possible support going down to the $99 handle, and as a result I think there is going to be much difficultly in breaking this market down.
The WTI Crude Oil markets fell during the session on Thursday, which of course is very surprising considering that the US dollar got absolutely pummeled. Because of this, we managed to fall the way down to the $100.03 level during the session, but found enough support to bounce and form a nice looking hammer.
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The WTI Crude Oil markets fell during the session on Tuesday, slamming into the $101 level. This is an area that I have talked about previously as being rather supportive, and I think that it is more of a “thick zone”, and that it extends all the way down to the $99 level as well.
The WTI Crude Oil market continues to meander right around the $102 level, and finding the $101 level be supportive still. The area has been rather resilient, and as a result I believe that the markets will continue to find a reason to bounce from this area.