Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
toc-menu-hamburger.png
table of content

Table of Contents

toggle-toc.png

Crude Oil Price - June 26, 2013

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

The WTI Crude Oil market attempted to rally during the session on Tuesday, but as you can see the 96 points or zero dollars level offered far too much resistance. The resulting shooting star has changed my mind a bit about this market, I now believe that the sellers are starting to take control again. While I had initially thought that perhaps there was a small potentially lucrative trade to the upside, I now think that the strength of the US dollar will continue to plague the oil markets, and in a sense oil is "dead money" at the moment.

It doesn't really matter though, this market is far too choppy to get involved with. In fact, it's even difficult to find a trade on the longer-term weekly or even monthly chart. That being said, I believe that this market is still stuck in what will more than likely become its "summer range", and as a result I think that a break of the lows for the session on Tuesday is indeed a sell signal, but probably just for the short term.

Crude Oil Price - June 26, 2013

Ping-Pong

When you look at this market, it's a lot like a Ping-Pong match - or table tennis depending on where you live. Because of this, you can see that the markets are simply chopping around in a relatively tight range, and as a result it is difficult to take on any position with any amount of conviction, let alone clarity. Because of this, I think that a break of the lows for the session on Tuesday is indeed a sell signal, but a short-term one at best. I fully expect the 92 points or zero dollars level to offer support going forward.

Because of this, this is not one of my favorite markets at the moment. In fact, I do not have a position on in this market currently, and probably won't anytime soon. That being the case, if you feel the need to trade energy, I would direct you to the natural gas markets which have been a little bit more clear than this particular market lately. On the other hand, if you are fully invested in the idea of trading the oil markets, you better have the ability to do it on the short time frame.

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews