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 again during the session on Friday, to continue the selloff that we have seen over the last three sessions. The main culprit of course is the US dollar and the Federal Reserve, as the Federal Reserve has suggested that they are going to taper off of quantitative easing over the next several months, and possibly be completely out of that game by the middle of next year.
The WTI Crude Oil markets absolutely cratered during the Thursday session as the market opened with a massive gap lower, and Falling. All commodities around the world got whacked, and of course oil was going to be no different.
The WTI Crude Oil market initially tried to rally during the Wednesday session, but as you can see the $99.00 level offered far too much resistance. I have been suggesting for a while that resistance was deathly going to be strong in that vicinity, and extending up to the $100.00 level, as it is a large round psychologically significant number.
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The WTI Crude Oil initially fell during the session on Tuesday, but as you can see the bottom of the range offered enough support in order to bounce this market high enough to make a serious challenge to the top of the shooting star from Monday.
The WTI Crude Oil market rose during the session on Monday, breaking well above the 98.50 level at one point during the session. However, as you can see the market fell from that high, and a pullback in order to form a shooting star.
The WTI Crude Oil market had another positive session on Friday, breaking above the $97.50 handle, an area that I thought would be a bit more resistant than it turned out to be. However, as you can see we have pulled back below the high back in late March, and as a result we are still somewhat tied to this range.
The WTI Crude Oil market initially fell during the session on Thursday, but you can see that it found enough support at the $95.00 level in order to bounce. The bounce rose all the way above the $96.50 level, and as a result the market actually closed higher than the resistance level that had kept the markets lower lately.
The WTI Crude Oil market went back and forth during the session on Wednesday, essentially hugging the $95.50 level. I still see the area above as significant resistance, so as far as buying this market is concerned it's very difficult to come up with an idea or reason to.
The WTI Crude Oil markets fell during the session on Tuesday, touching as low as $94.00 during the American trading hours. However, you can see that we did get a significant enough of a bounce to close at $94.86, which of course is just below the large round psychological number of $95.00 that traders typically will focus on.
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The WTI Crude Oil markets fell during most of the session on Monday, testing the $95.00 level for support again. The level did of course hold, and as a result the bounce caused a hammer to appear for the daily candle.
The WTI markets initially fell on Friday, but recovered quite nicely and broke above the $96.00 level. The resulting candle looks a bit positive to me, but I have to admit that I still think that this market is currently in a consolidation area, and that the top of that is at the $97.00 area.
The WTI Crude Oil markets tried to rally during the session on Wednesday, but as you can see it failed yet again at the $94.50 level for the second day in a row. Because of this, it appears that the market is starting to struggle that, and it also doesn't help that we formed a shooting star for the session.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil market had a slightly positive session on Tuesday, as we continue to drift just below the $94.00 level. This area is a significant resistance area, on the short term charts.
The WTI markets had a positive session for Monday, predicated mainly upon the fall of the US dollar overall. In a truly ironic turn of events, the PMI numbers coming out of United States and the contractionary mode, albeit just slightly, pushed the value of commodities on the whole higher.
The WTI Crude Oil markets fell rather drastically during the session on Friday, cracking below the $92.00 level. This was a significant breakdown, and it appears that we are now heading towards the $90.00 level.