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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This market has been extraordinarily parabolic, and quite frankly I've been having trouble figuring out why.
The WTI Crude Oil market rose rapidly during the session on Wednesday again, as the Federal Reserve released its minutes from the last meeting.
The WTI crude market had a very strong showing on Tuesday, breaking well above the $104 level.
I believe that this market is completely overdone considering the situation in Egypt.
The WTI Crude Oil markets had a positive session on Friday as the nonfarm payroll numbers came out showing that the Americans added 195,000 jobs to the economy in June.
The WTI Crude Oil markets did very little during the session on Thursday, as one would expect as the Americans celebrated Independence Day.
The WTI Crude Oil markets had a very strong showing during the Wednesday session, although it was shortened trading hours due to the US independence holiday for the fourth.
The WTI Crude Oil markets had a strong showing during the session on Tuesday, smashing into the 99.50 level with great conviction.
The DTI Crude Oil market had a strong showing on Monday, breaking slightly above the $98.00 level.
The WTI Crude Oil market rallied during a big part of the day, but found the $98.00 level far too resistive.
The WTI Crude Oil market rose during the session on Thursday, breaking above the $97.00 level at one point during the day.
The WTI Crude Oil markets fell initially during the session on Wednesday, but as you can see found enough support near the $93.50 level in order to bounce back up and close above the $95.00 level.
When you look at this market, it's a lot like a Ping-Pong match - or table tennis depending on where you live. See more here.
The WTI Crude Oil market initially fell during the session on Monday, but as you can see, traders came back into support the market. This followed an almost lockstep with what the US Dollar Index did during the session, as the US dollar initially appreciated, but fell back down in order to form a shooting star.
The WTI Crude Oil markets fell again during the session on Friday, to continue the selloff that we have seen over the last three sessions. The main culprit of course is the US dollar and the Federal Reserve, as the Federal Reserve has suggested that they are going to taper off of quantitative easing over the next several months, and possibly be completely out of that game by the middle of next year.