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- 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.

Crude Oil Price- August 15, 2014 | 8/15/2014 10:11:00 AM

The WTI Crude Oil market absolutely collapsed during the session on Thursday, breaking well below the $96.50 level. With that, it shows that the market has broken below significant support, and as a result I think that the oil markets are about to fall apart.

Crude Oil Price- August 14, 2014 | 8/14/2014 9:27:00 AM

The WTI Crude Oil markets went back and forth during the course of the day on Wednesday, showing the $96.50 level to be supportive yet again. We have been consolidating in this general vicinity, so it’s not a surprise that we continue to hang about.

Crude Oil Price- August 13, 2014 | 8/13/2014 8:31:00 AM

The WTI Crude Oil markets initially fell during the course of the day on Tuesday, but we have found support near the day $6.50 level again. This is an area that has been supportive lately, so I believe that the market should continue to meander around this general vicinity.

Crude Oil Price- August 12, 2014 | 8/12/2014 2:20:00 AM

The WTI Crude Oil markets fell during the open on Monday as we gapped lower and just sat there. Essentially, the market has absolutely nothing driving it at the moment, as we continue to consolidate and a very choppy area of the charts.

Crude Oil Price- August 7, 2014 | 8/7/2014 7:52:00 AM

The WTI Crude Oil markets initially tried to rally during the session on Wednesday, testing the $98.00 level and finding a significant amount of resistance.

Crude Oil Price- August 6, 2014 | 8/6/2014 8:25:00 AM

The WTI Crude Oil markets fell during the course of the day on Tuesday, ultimately testing the $97.00 level for support yet again. We found the area supportive enough to form a hammer though, and as a result I think that a bounce is probably coming.

Crude Oil Price- August 1, 2014 | 8/1/2014 6:27:00 AM

The WTI Crude Oil markets fell again during the session on Thursday, as we continue to plow lower. You can see that we have a significant amount of bearishness in the market all of a sudden, and the fact that we are testing the $97 level of course does concern me as I see it a major support level.

Crude Oil Price- July 31, 2014 | 7/31/2014 7:23:00 AM

The WTI Crude Oil markets initially rose during the session on Wednesday, but as you can see we pullback and fell all the way down to the $99.50 region. With that, the $99 level appears to be the support that we are fighting at the moment.