Oil is one of the most commonly traded commodities in the world, and is available for trade in most of the top Forex trading platforms, as well as in many leading binary options platforms.
Oil is often known as petroleum, though in reality, petroleum is the result of the processing of crude oil, a natural liquid that is found underground. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets.
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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The WTI Crude Oil markets fell during the bulk of the session on Wednesday, testing the $103 level. Traders should buy dips in this market. Get the full analysis here.
The WTI Crude Oil markets initially fell during the session on Tuesday, testing the $103.50 level. However, we found enough support in that general area to bounce and form a nice-looking hammer. Will the upward momentum continue? Find out here.
The WTI Crude Oil markets were closed for the Memorial Day holiday on Monday, May 26, 2014 but as you can see the markets have recently started forming what looks to be in ascending triangle based around the resistance area at $105.
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The WTI Crude Oil markets rose during the session on Friday, testing the $105 level just above. Before placing your trades get the full analysis for May 26, 2014 here.
The WTI Crude Oil markets had a negative session on Thursday, testing the resilience of the buyers in this market. The results are in, and we certainly have enough support below to keep this market afloat in my opinion.
The WTI Crude Oil markets gapped at the open on Wednesday, clearing the $103 level and extending the move to the $104 level.
The WTI Crude Oil markets rose during the session on Tuesday, after falling below the $102 level and testing it for support.
The WTI Crude Oil markets rose during the session during Monday, and as a result the markets look as if they are getting ready to continue higher.
The WTI Crude Oil market did very little during the session on Friday, essentially carving out a range between the $101 level on the bottom, and the $102 level on the top.
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The WTI Crude Oil markets tried to rally initially during the session on Thursday, but as you can see the $102 level offered far too much in the way of resistance, thereby pushing the market back down to the $101.50 area.
The WTI Crude Oil markets tried to rally after gapping higher on Wednesday, but as you can see gave back most of the gains by the end of the session. The result of this of course was that the market formed a shooting star, which of course is a very negative sign.
The WTI Crude Oil markets rose during the session on Tuesday, testing the $102 level, which was the initial target that I had set.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets rose during the majority of the session on Friday, but found the $101 level to be far too resistive.
The WTI Crude Oil markets fell during the majority of the session on Thursday, finding the $101 level to be significant resistance. With that, the reality is that the market probably fell slightly because the $101 level has been support and resistance in the past.
The WTI Crude Oil markets had a strong showing on Wednesday, breaking above the top of the shooting star from the Tuesday session. This of course is a very positive sign, and as a result I believe that this market is going to try to reach the $102 level in the short term.