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 went back and forth during the session on Monday, but as you can see they really didn't get too far in either direction by the end of the day.
It appears of this market is grinding sideways again, and that we should begin to fall and try to test the bottom of the range at the $103 level.
The WTI Crude Oil markets had a very strong showing during the session on Wednesday, slamming into the $105.25 level.
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The WTI Crude Oil markets fell during the session on Tuesday, slicing through the $104 level, an area that we had suggested was significant support.
The WTI Crude Oil markets failed to impress during the session on Monday, but did manage to hover right around the $104 level, an area that I suspected would be supportive.
The WTI Crude Oil markets fell during the session on Friday again, plunging below the bottom of the hammer from Thursday.
The WTI Crude Oil market fell during the session on Thursday, poking below the $105 level, and bouncing off of the $104 level.
The oil markets are priced in US dollars, and this is exactly why the two markets typically run in an inverse fashion.
The candle suggests that we are going to see a bit of buying pressure in this general vicinity, and as a result I feel that this market will more than likely make a serious attempt to reach the $110 level in the short term.
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The WTI Crude Oil markets fell during the session on Monday, confirming the shooting star that we had seen printed on Friday.
The WTI Crude Oil markets had an interesting session on Friday, as we continued to try and grind higher, but fell short and ended up earning a pretty substantial shooting star.
The WTI Crude Oil markets had a very strong session on Thursday, as the markets closed that the $108 level.
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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 initially during the session on Wednesday, but as the Federal Reserve Chairman Mr. Bernanke testified in front of Congress that the Federal Reserve remain flexible with quantitative easing plans, this of course will work against the value of the Dollar, and as a result the oil markets got a bit of a boost during the session.
Markets that act like runaway freight trains almost always end in tears for the buyers.
The WTI Crude Oil markets fell initially during the session on Monday, but as you can see the $104.50 level offered far too much support for the sellers to break it down.