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 market rose during the session on Monday, breaking the top of the shooting star that had formed on Friday. This is obviously a very bullish sign, but I still am a little bit leery of going long at this point in time.
The WTI Crude market went back and forth during the session on Friday, essentially hovering around the $80.25 level. This market looks like it's trying to consolidate, probably between $89.00 level and the $86.00 level.
The WTI Crude market had a fairly decent bounce during the session on Thursday, as we saw the market break above the $88.00 level. However, the market is still fairly weak as far as I can tell, even though we sit on top of a relatively messy cluster that had formed way back in November of 2012.
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The WTI Crude market fell during the session on Wednesday, breaking below the $87.00 level. Within this chart, you can see that in the after hours we are continuing the weakness, and a break of the $86.00 level wouldn't be surprising, and it would be very bearish.
The WTI Crude market fell initially during the session on Tuesday, reaching all the way down to the $86.00 level. However, we got a significant bounce from that level, and closed just below the $89.00 level by the end of the day.
The WTI Crude Oil market had an absolutely horrific session on Monday, as we sliced through one of minor support level after another. Eventually, we found the $90.00 level, an area that should have been massive support.
The WTI contract fell rather drastically during the session on Friday, as commodities in general got whacked. This is a recurring theme throughout the commodity sector, and as a result we saw several staples of the commodity markets collapse.
The WTI Crude market fell during the session on Thursday, reaching for the $93.00 level as support, and eventually finding it. The market did bounce from that level, and as a result it looks like the area of that is surrounded by $92.00 and $94.00 will continue to be messy and noisy.
The WTI Crude Oil market place initially sold off during the Wednesday session, dipping as low as the $93.50 level before bouncing back to the upside. We close that $94.58, which of course shows that we are just over the minor resistance area at $94.50 that I had mentioned previously.
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The WTI Crude Oil market had a back and forth session on Tuesday, essentially focusing on the $94.00 level. At the end of the session, we have the third the green candle in a row, and it does appear that the bullish case for a breakout above the $94.50 level is starting to gain some strength.
The WTI Crude oil market had a positive session on Monday, confirming that the $93.00 level was in fact going to offer support. As you look at this chart, you can see that this area has been supportive in the past, so it makes sense that it returns to be now.
The WTI Crude market fell during the session on Friday as the Non-Farm Payroll numbers came out of America at half of what was expected. However, you can see that the $92.00 level offered enough support to make this market bounce and form a hammer.
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The WTI Crude market came completely undone during the Wednesday session as inventory numbers in the United States came out much larger than anticipated. Because of this, it looks like the market has been caught off-guard, and we fell immediately down towards the $94.00 level.
The WTI Crude Oil market had a back and forth session during the Tuesday trading hours, but as you can see ended up basically unchanged. With that in mind, I look at this chart and see that we indeed have a lot of bullish pressure underneath.