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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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.
The WTI Crude Oil markets fell during the session as you can see on Monday, but found enough support just below the $106 level to form a little bit of a hammer. I believe that this market will continue to consolidate overall through the rest of the summer, which is rapidly coming to an end.
The WTI Crude Oil markets rose during the session on Friday as you can see, 2 1/2 months now. Get the full analysis here.
I'm not overly impressed one way or the other but do recognize the fact that we have a market that can be traded back and forth.
The WTI Crude Oil markets fell during the session on Wednesday, as the Federal Reserve released the minutes from the last meeting suggesting that more of the board members were in agreement with Mr. Bernanke than originally thought.
The WTI Crude Oil markets fell rather significantly during the session on Tuesday, parking just above the $105 level.
The $108 level continues to be resistance, and quite frankly I feel that this resistance area probably runs all the way up to the $110 handle.
At this time of year, it's going to be difficult to breakout simply because the real money isn't in the market right now.
There are three hammer like candles before the shooting star and that normally means consolidation at best.
It looks like were going higher sooner or later.
I see this market as being stuck between $103 on the bottom, and $109 on the top.
The biggest problem I have with this market right now is that we are simply in the middle of the trading range.
The WTI Crude Oil markets exploded to the upside during the session on Friday, bouncing off of the low area of the consolidation that we've been stuck in for a while now.
The WTI Crude Oil markets fell during the session on Wednesday, rallying below the $105 level.