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 continues to dance around the $40 level, as the market has nowhere to be.
The West Texas Intermediate Crude market did very little during the day on Tuesday, as we stabilized a bit after the massive selloff on Monday.
The West Texas Intermediate Crude Oil market has broken significantly during the session on Monday, slicing through the $40 level.
The West Texas Intermediate Crude Oil market initially pulled back a bit initially during the trading session but found some support at the 50 day EMA before turning around to reach towards the 200 day EMA.
The oil markets continue to rally as we have seen a very bullish couple of sessions due to the fact that the inventory numbers have been much more bullish than anticipated in the United States.
The West Texas Intermediate Crude Oil market has bounced rather hard during the trading session on Wednesday.
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Tuesday and even managed to hang on to the gains overall.
The West Texas Intermediate Crude Oil market has done very little during the trading session on Monday to kick off the week, but that should not be a huge surprise.
The West Texas Intermediate Crude Oil market did have a positive session on Friday, as we continue to hover around the $37.50 level on the front contract.
The West Texas Intermediate Crude Oil market has been relatively quiet over the last couple of days, and that is probably something that is necessary after the bloodbath that we have seen.
The West Texas Intermediate Crude Oil market bounced a bit during the trading session on Wednesday, as it had most certainly gotten a bit oversold.
The West Texas Intermediate Crude market got absolutely crushed during trading on Tuesday as traders came back to work in Chicago and New York.
The West Texas Intermediate Crude Oil market fell again during the trading session on Monday, but it should be noted that it was Labor Day in the United States and therefore you can only read so much into the price action.
The West Texas Intermediate Crude Oil market has broken down significantly during the trading session on Friday, as we have broken the back of a hammer from the Thursday session, and perhaps even more importantly have broken down below the $40 level.
The crude oil markets have pulled back a bit during the trading session on Thursday as there has been a lot of volatility in the markets overall.