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!
Crude Oil Price Technical Analysis
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Crude Oil Price Technical Analysis
The West Texas Intermediate Crude Oil market had a rough trading session on Friday as most assets did.
The West Texas Intermediate Crude Oil market initially fell on Thursday as the market approached the crucial 50 Day EMA, and the $112 level.
The West Texas Intermediate Crude Oil market fell on Wednesday as the Federal Reserve announced a 75 basis point interest rate hike.
The West Texas Intermediate Crude Oil market initially rallied on Tuesday but gave bank gains yet again as we continue to see plenty of volatility.
The West Texas Intermediate Crude Oil market has had a very volatile trading session, dipping down to the $117 region, before turning around and showing signs of life near the $120 level.
The West Texas Intermediate Crude Oil market pulled back a bit Friday, perhaps in reaction to being a little overstretched, or perhaps due to inflation numbers.
The West Texas Intermediate Crude Oil market has pulled back just a bit on Thursday, but at this point in time, we are a little stretched at the moment.
The West Texas Intermediate Crude Oil market rallied rather significantly on Wednesday as we see plenty of buying pressure in this market.
The West Texas Intermediate Crude market has initially fallen on Tuesday but then turned around to show signs of life again.
The West Texas Intermediate Crude Oil market rallied on Friday after initially falling.
The West Texas Intermediate Crude Oil market rallied on Friday after initially falling.
The West Texas Intermediate Crude Oil market has fallen rather hard on Thursday, but turned around to show signs of life just above the $110 level.
The West Texas Intermediate Crude Oil market initially tried to rally on Wednesday but gave back gains as we continue to hear a lot of noise in the market.
The West Texas Intermediate Crude Oil market rallied a bit on Monday, but it should be noted that volume will have been a bit lighter than usual as it was all after-hour trading as the Americans were celebrating Memorial Day.
The West Texas Intermediate Crude Oil market initially pulled back just a bit on Friday but turned around to show signs of life again.