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 broke out during the trading session on Wednesday, as we have cleared the top of the short-term range that we have been in.
The West Texas Intermediate Crude Oil market has done very little during the trading session on Tuesday yet again, as we continue to bounce around in the same action that we have seen for some time.
The West Texas Intermediate Crude Oil market has been very choppy over the last couple of weeks, and it looks as if the range is tightening.
The West Texas Intermediate Crude Oil market has rallied over the last couple of days, but Friday was a bit different as we pulled back.
The West Texas Intermediate Crude Oil market has gone back and forth over the last several sessions, but during the Thursday session showed a certain amount of support.
The West Texas Intermediate Crude Oil market was all over the place again during the trading session on Wednesday.
The crude oil market is still looking likely to cause a lot of headaches for traders going forward.
The West Texas Intermediate Crude Oil market has fallen significantly during the trading session on Monday as traders finally came back to work from the Easter holiday.
The West Texas Intermediate Crude Oil market has been back and forth in general, and it now looks as if we are continuing to hang onto the 50 day EMA.
At the end of the day we are simply in an area of consolidation while we try to figure out where to go next.
The West Texas Intermediate Crude Oil market initially rallied during the day on Wednesday as we continue to dance around the $60 level in general.
The West Texas Intermediate Crude Oil market has gapped higher to kick off the Tuesday session, but seems to be respecting the previous uptrend line as resistance.
WTI Crude Oil: Trading Range May Languish for Energy Traders
Crude oil turned around as rumors crept into the market that the Russians are looking to continue production cuts, thereby adding more upward pressure on the market in general.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Friday, breaking above the $60 level.