Crude Oil Price Technical Analysis

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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Crude Oil Price Technical Analysis

Crude Oil Price | 9/18/2014 6:56:00 AM

The WTI Crude Oil market fell slightly during the session on Wednesday, pulling back from the $95.00 level, an area where you would expect to see a significant amount of resistance.

Crude Oil Price - September 17 | 9/16/2014 10:57:00 PM

The WTI Crude Oil markets rose fairly significantly during the session on Tuesday, breaking the top of the hammer from the Monday session, as well as the $93.00 level, an area that looks to be rather resistive.

Crude Oil Price- September 16 | 9/16/2014 7:14:00 AM

The West Texas Intermediate grade of crude oil had another negative session for most of the day on Monday, but found support just below the $91.00 level in order to bounce and form a nice-looking hammer.

Crude Oil Price- Sept. 12, 2014 | 9/12/2014 3:12:00 AM

The WTI Crude Oil markets initially fell during the course of the session on Thursday game, but as you can see below the $91.00 level we got quite a bit of buying pressure. In fact, we had enough buying pressure to turn things back around and form a nice-looking candle that is shaped basically like a hammer.

Crude Oil Price- Sept. 11, 2014 | 9/11/2014 4:38:00 AM

The WTI Crude Oil markets fell hard during the course of the day on Wednesday, as the market finally broke down below the $92.00 handle. Because of this, I believe that we are starting to see another leg lower in this market, and that we will eventually target the $90.00 handle.

Crude Oil Price- Sept. 5, 2014 | 9/5/2014 4:09:00 AM

The WTI Crude Oil markets fell during the session on Thursday, as the US dollar continued to improve its value. With the ECB cutting interest rates, the US dollar of course expanded in value, and as a result of the oil markets fell as it took less of those dollars to buy the commodity.

Crude Oil Price- Sept. 4, 2014 | 9/4/2014 3:51:00 AM

The WTI Crude Oil market rose during the course of the day on Wednesday, and even challenged $96.00 handle. It’s above there that we would see a significant amount of buying pressure reenter the market, and perhaps try this market as high as $98.50.

Crude Oil Price- Sept. 2, 2014 | 9/2/2014 4:27:00 AM

With the Americans and Canadians celebrate Labor Day, a massive part of the trading community would have been gone as far as this particular contract is concerned.

Crude Oil Price- August 28, 2014 | 8/27/2014 11:34:00 PM

The WTI Crude Oil market did very little during the session on Wednesday as we continue to hover around the $93.50 level. With that, it’s very difficult to get overly excited about trading this market right now, as the markets are simply far too tight and choppy to be safe at this point.

Crude Oil Price- August 27, 2014 | 8/27/2014 2:19:00 AM

The WTI Crude Oil market rose during the session on Tuesday, and at one point in time even managed to break above the $94.00 handle. However, we ended up finding a bit of resistance of their and pulling back to form a shooting star.

Crude Oil Price- August 26, 2014 | 8/25/2014 10:41:00 PM

The WTI Crude Oil markets gapped lower at the open on Monday, and then turned around to try to break to the upside. However, we found enough resistance at the $94.00 level in order to turn things back around and form a shooting star.

Crude Oil Price- August 22, 2014 | 8/22/2014 4:08:00 AM

The WTI Crude Oil market had a fairly positive session during the day on Thursday as you can see, using the $92.50 level as support. The candle is a bit of a hammer, and it does suggest a perhaps a bounce is imminent.

Crude Oil Price- August 21, 2014 | 8/21/2014 8:42:00 AM

The WTI Crude Oil market try to rally slightly during the session but as you can see we remain very weak in this market. With that, I believe that the market should continue to fall, as there simply is nothing to hold the market off.

Crude Oil Price- August 19, 2014 | 8/19/2014 2:56:00 AM

The WTI Crude Oil markets fell during the course of the day on Monday, breaking to a fresh, new low. Because of this, it’s more than likely that we will continue to go lower, probably aiming for the $92.00 level first which I see as a significant support level on the longer-term chart.

Crude Oil Price- August 18, 2014 | 8/18/2014 5:00:00 AM

The WTI Crude Oil markets rose during the course of the day on Friday, bouncing all the way back above the $95.00 level. Because of this, it appears that the market could very easily bounce a little farther, perhaps heading to the $96.50 level.