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 Crew Oil markets rose during most of the session on Wednesday, but as you can see the $105 level offered enough resistance to turn things back around and form a shooting star.
The WTI Crude Oil markets initially session on Monday, but as you can see turned back around at the 104.50 level.
The WTI Crude Oil markets did very little during the session on Friday by the time we close, but that doesn’t mean that there wasn’t any action.
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The WTI Crude Oil markets went back and forth during the session on Thursday, meandering just below the $103.50 range. The fact that we formed a very neutral candle suggests to me that perhaps we will get a little bit of a pullback, which isn’t necessarily a bad thing.
The WTI Crude Oil markets rose during the session on Wednesday, breaking above the $103 level. That being the case, it appears the market is trying to go higher, and the buyers have certainly stepped up the pressure.
The WTI Crude Oil markets rose during the session on Tuesday, breaking above the $102 level. This of course is a sign that the market is picking up momentum, and as a result I believe that this market will continue to go higher, but it won’t necessarily be a straight shot up.
The WTI Crude Oil markets rose during the session on Monday, breaking the top of the hammer from the Friday session. This shows that the market does in fact have buying pressure underneath, mean that we will more than likely continue to go higher.
The WTI Crude Oil markets rose during the session on Friday, breaking above the $101 level. However, we are still below the recent high of the $102 level that formed a shooting star, leading me to believe that the market is still going to struggle a little bit above current levels.
The WTI Crude Oil markets rose during the session on Thursday, breaking the top of the hammer from the Wednesday session. This of course is a very bullish sign, and as a result I believe that this market will continue to go higher.
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The WTI Crude Oil markets fell during the majority of the session on Wednesday, but found the $99 handle to be significantly supportive to cause the market to bounce and form a hammer.
The WTI Crude Oil markets fell during the session on Tuesday, breaking well below the $100 level by the end of the day.
The WTI Crude Oil market fell during most of the session on Monday, but as you can see found enough support near the $101 level to turn things back around and print a hammer for the day.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets try to rally during the session on Friday, and although we did finish with a positive close, we ended up forming a shooting star as well that is based on the $102 level.
The WTI Crude Oil markets rose during the session on Wednesday, but most importantly closed above the $100 level. This is an area that has caused quite a bit of trouble for the WTI Crude Oil markets recently, and closing above it is in fact as far as I can tell a positive sign.
The WTI Crude Oil markets went back and forth on the session for Tuesday, as we continue to hover around the $99 handle. This is the epicenter of trading action at the moment as we had recently broke out above the $99 level, but as you can see we really can’t pick up enough momentum to break above the $100 level.