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 barely budge during the session on Monday, as the Americans were away on Memorial Day holiday.
The WTI Crude Oil market went back and forth during the Friday session, stopping just below the $94.00 level. This area is fairly congested, but the real consolidation in my opinion is between the $92.00 level below, and the $97.00 level above.
The WTI Crude Oil markets fell rather drastically during the session on Thursday, but you can also see that they rallied during the later hours in the American session.
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I know I have recently suggested that I was only going to use short term charts to demonstrate with going on in the WTI market, but quite frankly the action today was significant enough for me to pull back and look at the daily chart.
The WTI Crude Oil markets had a slightly negative session on Tuesday, but you can see that the same general area is offering support as the $95.50 level continues to be a bit of a problem for the sellers.
The WTI Crude market had a relatively benign trading session for the Monday hours. In fact, the daily candle formed a shooting star.
The WTI Crude market has seen quite a bit of choppiness recently, and although the day was positive during Friday, I had recently expressed that I was going to start following the shorter-term charts. Quite frankly, no matter what news crosses the wires at the moment, the market simply needs to grind its way back and forth.
The WTI Crude Oil markets had a positive session on Thursday, after initially dipping below the $94.00 handle. However, the hammer that had formed on Wednesday certainly suggested that there was support below, and we did in fact see that during the session. The biggest problem now is the fact that there is so much resistance above. In other words, I absolutely hate this market at the moment for anything more than a short-term trade.
The WTI Crude Oil markets fell significantly during the session on Wednesday, falling as low as the $92.00 level. The crude oil markets in the United States reported that there was less in the inventories than anticipated, and as such this of course was bullish for oil in general. Because of the bounce, we have formed a massive hammer.
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The WTI Crude Oil markets fell during the session on Tuesday, plunging towards the $94.00. This area has been supportive lately, as well as resistive.
The WTI market fell during the Monday session, closing just below the $95.00 handle. This market looks like it's trying to find some type of support in the $94.00 area, and as a result I think that we will see fairly tight trading over the next couple of sessions. In the long run, this could be a different story but we should see some type of consolidation in this general vicinity.
The WTI Crude Oil market continues to hang about the $96.00 level, as it had most of the week. You will see though that I have included an hourly chart from this market, in order to show the significance of the bounce that we saw happen on Friday. Because of this, it appears that the market is certainly more bullish than anticipated, but overall I still look at this market as being very choppy to say the least.
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The WTI Crude market had a positive session on Wednesday again, as we continue to bounce around in a consolidation area. Looking at this chart, I can see that the $97.00 level begins a significant amount of resistance. I believe that this resistance area runs all the way up to the $98.00 level, and possibly even higher. There is a significant amount of noise from back in January in this general vicinity, so this isn't exactly unprecedented.
The WTI Crude market had a slightly negative session on Tuesday, continuing the lack of bullishness that we've seen over the last three days. The candlesticks for Friday and Monday both look very shaky at best, but I do see significant support at the $95.00 level. Going forward, I believe that this market is trying to run out of steam and start falling again, but until we get a close below the $95.00 level, I would be a bit hesitant to short this market.