Crude Oil Price Technical Analysis
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
The WTI Crude Oil market tried to rally during the course of the day on Thursday but found far too much in the way of resistance above at the $38 level. Natural gas markets fell a bit during the course of the session on Thursday, breaking below the $2 level.
The WTI Crude Oil market initially tried to break above the $48 level, but turned back around to a relatively negative candle.
Looking at the WTI Crude Oil market, you can see that we went back and forth during the course of the session on Thursday. This was preceded by a massively bullish candle on Wednesday, and a hammer on Tuesday.
During the session on Tuesday, the WTI Crude Oil market finally broke well below the $44 level, showing that continued weakness should be what we see.
The WTI Crude Oil market initially tried to rally during the day on Monday, but turned back around and fell significantly.
The WTI Crude Oil markets fell initially during the day on Tuesday, but bounced significantly and ended up forming a hammer.
The WTI Crude Oil markets found support at the $44 level again during the course of the session on Thursday, as we continue to consolidate between the $44 level on the bottom, and the $46 level on the top.
The WTI Crude Oil markets fell rather significantly during the course of the session on Tuesday, slamming into the $45 handle. We initially trying to break above $48, but that offered resistance yet again as we had seen quite a bit of selling pressure above there on Monday as well.
The WTI Crude Oil markets fell apart during the session on Wednesday, as futures traders sold off the commodity. This of course was aided by a larger than anticipated Crude Oil Inventory build during the session on Wednesday as the US added 2.6 million barrels as opposed to losing 600,000 barrels as anticipated.
The WTI Crude Oil market continues to show weakness during the Thursday session as we broke down below the $45 barrier. Because of this, I think we are going to continue to sell off every time we rally and therefore I’m looking for short-term rallies to take advantage of as selling opportunities.
The WTI Crude Oil markets rose during the course of the session on Wednesday, as the market got a bit oversold.
During the session on Tuesday, we saw the WTI Crude Oil markets rise a bit, as the $47 level offered some support in this embattled market.
The WTI Crude Oil market fell significantly during the course of the session on Wednesday, but having said that the market still found plenty of support below, especially near the $56 handle.
The WTI Crude Oil markets fell during the session on Wednesday, as we continue to bounce around the $60 handle in general. To be honest though, if you are a short-term trader you must absolutely love this market at the moment.
The US Dollar continues to move up against its northern neighbor’s currency, closing at 1.2448 and rising against the Canadian Loonie for a fourth consecutive day.