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 session on Monday, pulling back from the $99.50 handle. Ultimately, I see a lot of support just below current levels, and therefore I’m not willing to start selling into this move.
The WTI Crude Oil markets rose during the session on Friday, continuing the bullish attitude that we have seen for some time now. This market looks like it’s destined to test the $100 level, and then the $101 level.
The WTI Crude Oil markets had a positive showing on Thursday, piercing the $99.00 level. This of course shows that the market still has some bullish intentions, but the fact that we gave back over half of the gains has me a bit concerned.
The WTI Crude Oil markets went back and forth during the session on Wednesday, as we continue to meander around the $98 handle. The $98 handle has shown a significant amount resistance lately, but I don’t necessarily think that it’s any type of major blockade for the buyers, it’s just simply the fact that we’re getting towards the end of the year.
The WTI Crude Oil markets have a positive session on Monday, breaking above the $97.50 level for the close. As a matter of fact, we went as high as $98, but stopped abruptly and turned back around as the area showed itself to be far too resistive.
The WTI Crude Oil markets fell during the majority of the session on Friday, challenging the $96.40 level. I still believe that this market goes higher eventually, but the $95.50 level will offer as a magnet to price, and a supportive area.
The WTI Crude Oil markets tried to rally during the session on Thursday, but you can see that just above the $98 handle we ran into enough resistance to push the market back down and form a shooting star.
The WTI Crude Oil markets fell during the session on Wednesday, retracing a lot of the gains that we saw on Tuesday. Because of this, it appears that the $97 level will continue to offer buying opportunities though, simply because we bounced off of this area I suspect that others are starting to feel that same way as well.
The WTI Crude Oil markets rose during the session on Tuesday, breaking above the $98.50 level. That area is the opening to the $99.00 level, an area that I believe will be broken and allow the market to go as high as $101 in the short term.
The WTI Crude Oil markets fell during the session on Monday, as the $98.00 level offered far too much resistance. That being the case, it feels as if the market is going to pullback from here, which of course would be healthy considering the impulsive move that we've had over the last couple of sessions.
The WTI Crude Oil markets did almost nothing on Friday, as the nonfarm payroll numbers came out a bit better than anticipated. This shows that the Federal Reserve may taper sooner than anticipated, and because of this the Dollar should appreciate over time.
The WTI Crude Oil markets initially tried to fall during the session on Wednesday, after initially gapping slightly higher.
The WTI Crude Oil markets took off to the upside during the session on Tuesday, breaking well above the $97 handle by the time the market closed.
The WTI Crude Oil markets rose during the session on Monday, challenging the top of the shooting star that the market had formed on Friday.
The WTI Crude Oil markets try to rally during the session on Friday, but as you can see gave back almost all of the gains, especially as we hit the $94.00 handle.