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 West Texas Intermediate Crude Oil market fell rather hard on Tuesday as the US dollar shot much higher.
The West Texas Intermediate Crude Oil market rallied significantly on Monday after selling off quite horrifically on Friday.
The West Texas Intermediate Crude Oil market was decimated on Friday, as traders got rid of anything related to the reopening trade.
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The West Texas Intermediate Crude Oil market has essentially gone nowhere during the trading session on Thursday, because of Thanksgiving in the United States.
The West Texas Intermediate Crude Oil market initially tried to rally on Wednesday but stalled just below the $80 level, and perhaps even more importantly, the 50-day EMA, as the indicator tends to attract a lot of attention.
The West Texas Intermediate Crude Oil market initially fell on Monday, but as you can see, we have turned around to show signs of life again.
The West Texas Intermediate Crude Oil market initially rallied a bit on Friday but then rolled over to show signs of weakness.
The West Texas Intermediate Crude Oil market has broken down a bit on Thursday but has seen a bit of buying pressure to test the 50 day EMA.
The West Texas Intermediate Crude Oil market fell on Wednesday to reach down towards the crucial 50-day EMA.
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The West Texas Intermediate Crude Oil market has gone back and forth on Tuesday, as we are hanging about the $81 level.
The West Texas Intermediate Crude Oil market initially tried to rally on Monday but then gave back gains to drop towards the $79.85 level before stabilizing a bit.
The West Texas Intermediate Crude Oil market pulled back just a bit on Friday as we continue to build up a little bit of a base at this point.
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The West Texas Intermediate Crude Oil market has pulled back a bit but continues to see the previous downtrend line as a potential support level.
The West Texas Intermediate Crude Oil market fell significantly on Wednesday to reach down towards the $81.50 level.
The West Texas Intermediate Crude Oil market broke higher on Tuesday as we have cleared a downtrend line which features itself as being the top of the flag.