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
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.
The WTI Crude Oil market rose slightly during the course of the session on Monday, as the $60 level continues to be a bit of an equilibrium in this market.
The WTI Crude market fell during the session on Wednesday, as we continue to meander in a relatively tight consolidation area. Because of this, I believe that this market will probably drift a little bit lower, perhaps heading back down to the $56 handle.
The WTI Crude oil markets initially fell during the course of the session on Monday, but as you can see we are still stuck just above the $58 level.
The WTI Crude Oil markets fell again on Friday, as the US dollar in general saw buying pressure. Because of this, I believe that we are presently “taking a break” from the incredible amount of effort it took to break out to the upside in the oil markets.
The WTI Crude Oil market had a very positive showing during the day on Thursday, breaking above the $60 level again.
The WTI Crude Oil markets fell during the session on Tuesday, testing the $58 region. Because of this, looks like the markets can tend to simply grind away sideways overall, and although I certainly have an upward bias in this market, I’m not necessarily that pressed to risk any serious amount of money in this market.
The WTI Crude Oil markets did very little during the session on Monday as traders came back from the weekend. It appears that the market is essentially settling at the $60 level, and as a result there isn’t much to do.
The WTI Crude Oil market initially fell during the course of the day on Friday, but found enough support towards the end of the session to turn things back around and form a rather positive looking hammer.
The WTI Crude Oil market fell during the session on Wednesday, in order to show just a little bit of resistance. However, I believe that we are sitting on top of a significant amount of support as we have recently broken out to the upside.
The WTI Crude Oil market rose during the session on Tuesday, clearing the $60 level easily. Because of this, I believe that this market is getting ready to break out to the upside and perhaps grinding out a sigh and $70 over the course of the next couple of weeks.
The WTI Crude Oil markets went sideways during the session on Monday as we continue to hover just below the $60 handle. This is a large, round, psychologically significant number, but we feel that it will eventually lose its luster.