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!
Crude Oil Price Technical Analysis
The West Texas Intermediate Crude Oil market initially rally during the trading session on Thursday but has pulled back from just below the 50-Day EMA.
The West Texas Intermediate Crude Oil market has been bullish again during the trading session on Wednesday as we continue to see an attempted recovery.
The Crude Oil market had broken through a major support level, but then turned around later in the day to form a bit of a hammer.
The Crude Oil market has rallied a bit on Friday but found enough resistance near the $80 level to turn things around and show signs of exhaustion.
The WTI Crude Oil market has done very little during thin Thanksgiving trading on Thursday.
The West Texas Intermediate Crude Oil market fell again during the trading session on Wednesday, reaching toward the bottom of the hammer that formed on Monday.
During the trading session on Tuesday, we have seen a little bit of a bump higher in the WTI Crude Oil market, after forming a nice hammer during the trading session on Monday.
The West Texas Intermediate Crude Oil market has fallen during trading on Thursday, as more concerns about demand enter the marketplace.
The West Texas Intermediate Crude Oil market has done very little for the last several weeks, bouncing around in the same area that we have been in for a while.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday as we had broken toward the $89 level.
The West Texas Intermediate Crude Oil market has rallied to reach the $89 level on Friday, as we continue to dance around the 50-Day EMA.
The West Texas Intermediate Crude Oil market has plunged lower during the trading session on Wednesday to reach down toward the $86 level.
The West Texas Intermediate Crude Oil market has fallen slightly during the trading session on Thursday, testing the 50-Day EMA.
The West Texas Intermediate Crude Oil market has rallied again during the session on Wednesday as we await Federal Reserve guidance.
The West Texas Intermediate Crude Oil market did very little during the trading session on Friday, as we have seen a bit of non-volatile trading for a couple of days in a row.