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!
Most Recent
The WTI markets had a bullish session again on Friday, after initially falling. The market closed just below the $92.00 level, and as a result we are pressing up against significant resistance.
The WTI Crude market had a positive session during the Thursday trading hours, as we attempted to break to the $92.00 level. However, that level has provided enough resistance to keep the market lower, but it should be noted that it appears the 90 handle is offering enough support to at least cause some type of reaction.
The WTI Crude market fell during most of the session on Wednesday, but as you can see formed yet another hammer focused on the $90.00 level. It is because of this that I feel this market is due for a bounce, and certainly expected sometime over the next couple of sessions.
Top Forex Brokers
The WTI market had a slightly positive session during the Tuesday trading hours, but did not break above the $91.00 level, an area that I would've liked to seen broken to the upside in order to start buying again.
The WTI Crude markets fell during most of the session on Monday, but as you can see it got a significant bounce by the end of the session. This formed a hammer, and as a result a possible buying opportunity.
The WTI Crude markets fell during the session on Friday, but bounced in the end to form a hammer. I have been talking for some time about the potential support at the $90.00 level, and it appears that it has arrived during the session.
The WTI Crude markets fell during the session on Thursday, as a general "risk off" vibe hit the commodities markets. This chart looks like one the ones to grind lower, and I did mention previously that I thought the $92.00 level would be somewhat supportive.
The WTI Crude market went back and forth during the session on Wednesday, and continued to straddle the $92.80 level that has been a fulcrum for the market lately. As you can see, we have been bouncing off the $92.00 level, and it seems to be offering significant support.
The WTI crude market tried to rally during the early hours of the session, but as you can see gave back quite a bit of the gains by the time the trading day was over with. We currently sit just above the $92.00 level, an area that has been stubbornly supportive.
Bonuses & Promotions
The WTI markets had a wild session on Monday, as the market went higher in the early hours, only to turn around and fall apart by the end of the day. The market had printed a shooting star on Friday, and as a result it already looked fairly soft from that point.
The WTI Crude market fell again during the Thursday session, managing to close below the $93.00 handle. However, we are in the middle of a cluster in this general vicinity, so support would be expected. Nonetheless, I fully expect this market to continue lower, and eventually test the $90.00 handle.
The WTI crude oil market fell rapidly during the session on Wednesday after the markets took on a real "risk off" type of attitude. Adding fuel to the fire, the Federal Reserve released the minutes of its last FMOC meeting during the Wednesday session, which of course suggested that perhaps some of its asset purchases may be slow down in the future.
Subscribe
Sign up to get the latest market updates and free signals directly to your inbox.The WTI crude markets rose during the session on Tuesday, breaking above the $97.00 level yet again. We have been in a consolidation area for some time now, and this simply looks like a continuation of that.
The WTI contract barely budged during the session on Monday, which of course wouldn’t be a surprise as the Americans were celebrating President’s Day. As it is a Federal holiday, many financial institutions were closed, and only the electronic global trading was available.
The WTI Crude markets did very little during the session on Thursday intensively stained below the $98.00 level that has been so resistive. I look at this area as the gateway to the $100.00 level, and getting above there would be very bullish sign.