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 initially tried to rally during the trading session on Thursday but failed and gave up all of the gains.
Natural gas markets tanked a bit during the trading session on Thursday after a bearish inventory number came out.
Natural gas markets have gone back and forth during the last couple of days, as we have shown signs of filling the gap from the beginning of the week.
The West Texas Intermediate Crude Oil market dropped a bit during the trading session on Wednesday, as we continue to see a lot of noise.
The West Texas Intermediate Crude Oil market has fallen significantly during the trading session on Tuesday as it was reported that the production may come back online within just a few weeks
Natural gas markets fell a bit during the trading session on Tuesday, trying to fill the gap yet again.
The West Texas Intermediate Crude oil market, as well as the Brent market, spiked after an attack in Saudi Arabia that has wiped out half of their refinery capacity.
Natural gas markets gapped higher to kick off the week after the drone strike in Saudi Arabia, and that is perhaps in sympathy to the idea of the energy complex having less supplied in general.
The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday, dancing around the $55 level.
The natural gas markets initially pulled back a bit during the trading session on Friday but then turned around to reach towards the 200 day EMA yet again.
The West Texas Intermediate Crude Oil market has fallen again during the trading session on Thursday, as we broke solidly through the 50 day EMA
Natural gas markets had a choppy session yet again during the trading day on Thursday as the markets may be a little bit overextended.
The WTI Crude Oil market fell rather hard during the trading session on Wednesday, even though the inventory number was very strong.
Natural gas markets pulled back a bit during the trading session on Wednesday, as the 200 day EMA has offered significant resistance during the day on Tuesday, forming a shooting star.
The West Texas Intermediate Crude market rallied significantly initially during the trading session on Tuesday, but has found the lot of resistance above the 200 day EMA.