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 West Texas Intermediate Crude Oil market is essentially hovering at this point, roughly in the middle of the larger consolidation range.
The West Texas Intermediate crude oil market initially rallied during the trading session, but turned around to form a shooting star after the inventory numbers came out mixed.
The West Texas Intermediate crude oil market rallied a bit during the trading session on Tuesday as we continue to see the “reflation trade” come into play.
The West Texas Intermediate Crude oil market initially fell during the trading session on Monday as traders came back to work, but then turned around to show signs of support, forming a hammer.
The West Texas Intermediate crude oil market rallied a bit during the trading session on Friday after the non-farm payroll numbers came out.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Thursday, as we start to head towards the jobs figure.
The West Texas Intermediate crude oil market rallied significantly during the trading session on Wednesday, but gave back all the gains to end up forming a shooting star right at the $50 level.
The West Texas Intermediate crude oil market broke higher during the trading session on Tuesday as OPEC+ progresses with its meeting.
The West Texas Intermediate crude oil market initially rallied early on Monday to reach towards the $50 level, an area that will attract a lot of attention because it is a large, round, psychologically significant figure.
The West Texas Intermediate crude oil market did very little during the trading session on Thursday, which was expected due to thin volume and a short day.
The West Texas Intermediate crude oil market initially pulled back a bit during the trading session on Wednesday as we continue to see a lot of choppiness in this market.
The West Texas Intermediate crude oil market initially tried to rally during the trading session on Tuesday but then turned around to form a tiny shooting star.
Oversupply concern creates consolidated value.
The West Texas Intermediate Crude Oil market initially tried to rally during trading on Monday but gave back the gains to see negativity.
The West Texas Intermediate Crude Oil market fluctuated during the trading session on Thursday, in what would have been a shortened session driven by Globex trading.