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 markets fell during the session on Wednesday, as the inventory number in the United States came out much larger than expected. This of course affects the whole supply and demand equation when it comes to this market, and as a result it's not surprising to see this market fall.
The WTI Crude had a negative session on Tuesday, pulling back from just below the $95.00 level. I have been speculating recently that we may have just entered a previous consolidation area, and that we could see a bit of choppiness between the $92.00 level on the bottom, and the aforementioned $95.00 level on the top.
The WTI Crude market had a strong showing during the session on Monday again, smashing above and trying to break above the $95.00 handle. It is at the $95.00 level that I feel this market could go much higher if we get above.
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The WTI market fell during much of the session on Friday, but as you can see bounced off the $92.00 level in order to form a hammer. This hammer is placed in an area that I find very interesting as it does suggest that perhaps the $92.00 level is now trying to act as support.
The WTI Crude market had a positive session during the Thursday trading day, as we continue to grind away higher. Quite frankly, I am surprise that we managed to break above the $92.50 level, as I suspected that would be resistive enough to keep prices away.
The WTI Crude Oil market rose during the session on Wednesday, reaching the $91.55 level by the end of the session. I have recently mentioned that the $92.00 level would be the beginning of significant resistance, and they do feel that it is a "zone" all the way up to the $92.50 level.
The WTI Crude market had a positive session on Tuesday, breaking above the $89.50 level. This move suggests that we are going to see continued bullishness in this marketplace, and could very well see a move to the $90.00 level over the course of the next session or two.
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.
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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.
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.
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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.