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 had a good showing on Friday, breaking above the top of the hammer that had formed on Thursday. This is a classic buy signal in the technical analysis sense, thereby sending plenty of buyers into the marketplace at that point.
The WTI Crude Oil markets fell during most of the session after initially gapping higher on Thursday. The market bounced off of the $105 level, which of course was the site of a massive breakout from the ascending triangle, and with that I feel that the market bouncing from here and forming a hammer suggests that we will continue to go higher.
The WTI Crude Oil markets fell during the session on Wednesday, as we continue to drop in value. However, the $105 level below should continue to be supportive as it was the resistance from the top of the ascending triangle, which should now offer buyers as the market has clearly shown itself to be bullish.
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The WTI Crude Oil market went back and forth during the session on Tuesday, finding support down at the $106 level. However, I suspect that there is probably a little bit more in the realm of bearishness, as the $105 level of course was a much more significant resistance area that we broke out of.
The WTI Crude Oil markets fell during the course of the session on Monday, but remains very much supported looking and positive overall. Get the full Crude Oil analysis for June 17, 2014 here.
The WTI Crude Oil markets initially gapped higher at the open on Friday, but as you can see spent the rest of the day falling. We did find a little bit of support at roughly $106.50, and as a result we ended up forming a hammer at the end of the session.
The WTI Crude Oil market broke out of the ascending triangle during the session on Thursday, leaving the $105 level behind. This area has been very resistive over the last few months, and the move above is a major bullish sign.
The WTI Crude Oil markets rose during the session on Wednesday, but just as we saw on Tuesday the sellers stepped in and kept the market somewhat down. Get the full analysis for June 12, 2014 here.
The WTI Crude Oil markets rose during the course of the session on Tuesday, but pulled back from the $105 region to form a shooting star. While the shooting star formation is very negative, I believe that it simply shows that the market isn’t ready to breakout quite yet.
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The WTI Crude Oil markets had a very strong showing during the session on Monday, but remains below the $105 level. The area between the $104.50 level and the $105 level should continue to be resistive, but ultimately I believe that the $105 level will get broken to the upside.
The WTI Crude Oil markets fell on Thursday, breaking below the $102 level. While this is a relatively negative sign, we also saw the market bounce from there, and form a hammer. Get the analysis for June 6, 2014 here.
The WTI Crude Oil markets rose initially during the session on Wednesday, but as you can see turned back around somewhere near the $103.50 level.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets fell during the course of the session on Tuesday, testing the $102.50 level in order to find support there.
The WTI Crude Oil markets fell during the bulk of the session on Monday, testing the $102.50 level. The market has been very bullish lately, but you have to keep in mind that there is a gap that needed to be filled.
The WTI Crude Oil markets had a slightly positive session on Thursday, as the $103 level did in fact offer support. I had mentioned that there was a gap below that could continue to push market higher, and as a result that prediction has come true, at least for this particular session.