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
Traders were willing to hang on to their positions heading into the weekend, which is a sign of confidence.
The West Texas Intermediate Crude Oil market has recaptured all of the losses from the horrific selling on Monday.
The West Texas Intermediate Crude Oil market rallied rather significantly during the trading session on Wednesday to reach above the $70 level.
The West Texas Intermediate Crude Oil market pulled back rather significantly during the trading session on Tuesday but then turned around to form a bit of a hammer as we closed just below the $67.50 level.
The West Texas Intermediate Crude Oil market broke down significantly during the trading session on Monday as OPEC+ came to an agreement to increase crude oil production.
This is a market that should continue to see plenty of choppy behavior, but if we can break above the top of the hammer for the session, that is a very strong sign.
The West Texas Intermediate Crude Oil market has fallen a bit during the course of the trading session on Thursday, reaching down towards the $71.50 level,
The West Texas Intermediate Crude Oil market fell significantly during the trading session on Wednesday as the $7500 level continues to offer significant resistance.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday, but nothing overly dramatic.
The West Texas Intermediate Crude Oil market fell a bit during the trading session on Monday as the $75 level has offered a bit of resistance.
The West Texas Intermediate Crude Oil market gapped a little bit higher during the trading session on Friday, but then shot higher to reach towards the $75 level.
The West Texas Intermediate Crude Oil market initially fell during the course of the trading session to find support near the $71 level.
The United Arab Emirates seems to be much more interested in opening the spigots in order to flood the market with supply and take advantage of massive demand while it is still around.
The West Texas Intermediate Crude Oil market initially rallied on news that the OPEC+ members could not come to some type of an agreement to extend production.
OPEC+ is currently in the third day of negotiations for the production numbers, as the UAE does not wish to extend cuts as much as some of the other members.