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 WTI Crude Oil markets fell during the balance of the session on Tuesday, touching as low as the $102 vicinity. The resulting candle for the day was a nice looking hammer though, and we are at the bottom of the recent consolidation area as well.
The WTI Crude Oil markets fell during the session on Monday, but remain elevated enough to stay in the consolidation area that we've seen recently. The $102 level has been supportive, and I still believe that will be the case going forward.
The WTI Crude Oil markets had a positive session on Thursday, breaking above the $108 level again. I believe that this market will continue to have an upward bias to it, but there is a significant amount of resistance at the $110 level.
The WTI crude Oil markets fell during most of the session on Wednesday, but as you can see found enough support at the $106 level in order to form a nice looking hammer.
The WTI Crude Oil markets fell hard during the session on Monday, as we continue to see bearish action in this market. All things being considered, it makes sense that we have fallen at this point as the markets have been a little bit ahead of themselves over the course of the last several weeks.
The WTI Oil markets fell during the session on Tuesday as you can see, but the market bounced just above the $106 level in order to show support in the area. The market is consolidating just below, and as a result I find it very difficult to sell in this general vicinity.
The WTI Crude Oil markets took off during the session on Friday in response to the nonfarm payroll numbers coming out of the United States. The numbers were disappointing, and this has traders out there thinking that the Federal Reserve may not be able to taper off of quantitative easing in the next month or two.
The WTI Crude Oil markets rose during the session on Thursday to continue grinding sideways.
The WTI Crude Oil markets fell during the session on Wednesday, but as you can see found support at roughly the same area the markets pushed the price back up to at the end of the session on Tuesday.
The WTI Crude Oil markets rose during the session on Tuesday again, as we continue to see bullishness come into this market. That being the case, remember that a lot of this is headline driven, and news coming out of Egypt and Syria will have an effect on this market.
The WTI Crude Oil markets did very little during the session on Monday as Americans and Canadians celebrated Labor Day. However, there was limited electronic trading during the session, which of course produced a significant hammer.
The WTI Crude Oil markets had a tough day on Friday as all games were wiped out by the end of the session. In the end, we had formed a shooting star, which of course is very bearish signal, but it should be noted that it's sitting on top of massive support.
The WTI Crude Oil markets fell during the session on Thursday as you can see, but stopped right at the $108 level, the area that we broke out of the consolidation area. Because of this, I believe that this market is going to find support in this general vicinity, so that way I am not going to start shorting.
The WTI Crude Oil markets rose during the session on Wednesday, but as you can see ran into far too much resistance above the $112 level in order to hang onto the gains. In fact, this market looks like it suddenly is running into serious trouble, at least for the moment.
The WTI Crude Oil markets rose during the session on Tuesday, as fears over the interaction between the West and Syria continue to rattle the markets. Now that it looks like the Americans may actually have some kind of limited military intervention, oil in all grades got a boost around the markets during the session.