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 first thing I see is that we have broken through a major support level, which is not a huge surprise considering that the US jobs report was pretty bleak.
I recognize that we have a situation where the market is going to continue to be very noisy.
The crude oil market has plunged rather significantly during the trading session on Tuesday as Chinese demand seems to be cratering.
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In our analysis of crude oil, you can see that the market did rally a bit during the early hours on Thursday but has pulled back a bit from the 50 day EMA.
The West Texas Intermediate Crude Oil Market has shot straight up in the air during the trading session here on Monday, as we continue to see a lot of volatility.
The crude oil market rallied a bit during the early hours on Friday, and then simply took off after Jerome Powell finally admitted that the Federal Reserve is likely to cut rates in a bit of a cycle.
The West Texas Intermediate Crude Oil Market, or US Oil, has been rather noisy over the last couple of days, but on Thursday we are trying to bounce from the 50-day EMA.
The West Texas Intermediate Crude Oil Market initially pulled back just a bit during the early hours on Thursday, only to turn around and show signs of life.
The West Texas Intermediate Crude Oil Market, or US Oil, has rallied rather significantly during the trading session on Wednesday as we've seen more of a risk-on type of feel to the markets overall.
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I recognize immediately that we have bounced from the bottom of the symmetrical triangle.
The West Texas Intermediate Crude Oil Market, or the US oil market, fell significantly during the trading session, again on Monday, as it looks like we continue to see a lot of negativity out there.
Crude oil initially plunged during the trading session on Wednesday but has turned around to show signs of strength.
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The crude oil markets initially tried to rally during the trading session on Friday, but then turned around to show signs of weakness.
The crude oil markets have been very noisy over the last several days, and at this point in time it’s obvious to me that the market is going to continue to search for some type of stability.
The WTI crude oil market has initially fell during the trading session here on Thursday, but then turned around as we bounced from the 50 day EMA.