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 initially tried to rally during the session on Tuesday, but as you can see ran into a lot of trouble just above the $100 level.
The WTI Crude Oil markets fell hard during the session on Monday, plunging down towards the $99 handle. However, the $99 level is the bottom of the support zone that I had been talking about, so I do not have a sell signal yet.
The WTI Crude Oil markets tried to rally during the session on Friday, but struggled as you can see. The resulting candle formed a shooting star, which of course is a bearish sign. However, I think this market has far too much in the way of possible support going down to the $99 handle, and as a result I think there is going to be much difficultly in breaking this market down.
The WTI Crude Oil markets fell during the session on Thursday, which of course is very surprising considering that the US dollar got absolutely pummeled. Because of this, we managed to fall the way down to the $100.03 level during the session, but found enough support to bounce and form a nice looking hammer.
The WTI Crude Oil markets rose during the session on Wednesday, as the $101 level has offered enough support yet again. This area is looking more and more interesting to me, and I believe that short-term traders will more than likely take advantage of this area as its strength has been proven more than once.
The WTI Crude Oil markets fell during the session on Tuesday, slamming into the $101 level. This is an area that I have talked about previously as being rather supportive, and I think that it is more of a “thick zone”, and that it extends all the way down to the $99 level as well.
The WTI Crude Oil market continues to meander right around the $102 level, and finding the $101 level be supportive still. The area has been rather resilient, and as a result I believe that the markets will continue to find a reason to bounce from this area.
The WTI Crude Oil markets fell during the majority of the session on Friday, but as you can see found enough support right around the $101 level in order to bounce and form a nice looking hammer.
The WTI Crude Oil markets rose during the session on Thursday, bouncing off of the support area that we see at the $101 region that has been so supportive lately. This is simply a continuation of the supportive area that we've seen for a couple of weeks now, and as a result I think that this market will continue to grind in a somewhat sideways manner.
The WTI Crude Oil markets fell fairly hard during the session on Wednesday, but remained above the truly significant support level in the form of the $100 range, which actually starts at $101.
The WTI Crude Oil markets fell during the session on Monday, but as you can see found enough support at the $102 level in order to bounce and form a hammer. This hammer of course suggests that we are going to see continued support in this general vicinity, and as a result I am waiting for daily close above the $104 level in order to start buying again.
The WTI Crude Oil markets rose slightly during the session on Friday after gapping just a touch lower. That being the case, we still see plenty of resistance at the $104 level, so I do not necessarily think that buying at this point in time is possible.
The WTI Crude Oil markets fell during the session on Thursday, finding the $104 level to be a bit too resistive. It's not a cute surprise, I did suspect that would be the first barrier to overcome, and the fact that today is nonfarm payroll Friday doesn't exactly help the case for a longer-term move anyway.
The WTI Crude Oil markets rose during the session on Wednesday as the bottom of the consolidation area continued to pressure the market to the upside. The move isn’t that very surprising to me, and as a result I bought into this market earlier in the day.
The WTI Crude Oil markets fell during the session on Tuesday, testing the $101 level again. This is the third hammer like candle in a row that we've seen, and as a result it is becoming more and more apparent that this level is acting as massive support.