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 fell during the bulk of the session on Friday, but as you can see found enough support at the $102 level to turn back around and form a hammer by the end of the day.
The WTI Crude Oil markets initially fell during the session on Thursday, but found enough support above the $102 level in order to bounce and form a hammer.
The WTI Crude Oil market continues to gain ground as the Wednesday session was positive as well. We closed just below the $103 level, but it’s now obvious that the $102 level is going to bring in more buyers.
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The WTI Crude Oil markets rose during the session on Tuesday, and in fact even managed to break out rather successfully. I have been looking at the $101.50 level as the resistance it needs to be overcome, and now I believe that the market is going to chew into the previous consolidation area from the month of October.
The WTI Crude Oil markets found strength during the session on Monday, but it should be noted that the session would have been weighted towards the Asian and European time frames, as the Americans celebrated President’s Day, therefore limiting the liquidity during part of the session.
The WTI Crude Oil markets fell during most of the session on Friday, but as you can see bounced hard enough to form a hammer. Over the last five sessions, we have seen four hammers and one shooting star.
The WTI Crude Oil markets fell during the bulk of the session on Thursday, but found enough support below the $100 level to turn around and form a hammer.
The WTI Crude Oil markets rose during the session initially on Wednesday, but as you can see the area above the $101 level was a bit too resistive, and therefore push the market back down.
The WTI Crude Oil markets fell during the session on Tuesday, but found enough support just below the $100 level to form a hammer for the session again. This is the second hammer in a row, and now I feel fairly confident that the $100 level will continue to offer support in this market, pushing the market higher.
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The WTI Crude Oil markets initially fell during the session on Monday, but as you can see found support at the $99 handle in order to bounce and form a hammer.
The WTI Crude Oil markets rose during the session on Friday, as the general “risk on” rally continued despite very uninspiring jobs numbers out of the United States.
The WTI Crude Oil markets try to rally during the session on Thursday, but as you can see struggle do just below the $99 handle. That being said, the $99 handle of course had been supportive in the past and the fact that we pullback informed a shooting star would normally be a very negative sign.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets gapped higher at the open on Wednesday, but as you can see we essentially went back and forth, banging around in a relatively tight range.
The WTI Crude Oil markets rose significantly during the session on Tuesday, climbing back above the $97 level again. This candle simply retraced all of the losses that we found on Monday, ultimately keep in the market going sideways.
The WTI Crude Oil markets tried to rally during the session on Monday, but didn’t hang onto the gains as selling pressure intensified.