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 try to rally during the session on Monday, but as you can see the $100 level has offered a bit too much resistance for the second day in a row.
The WTI Crude Oil markets rose during the session on Friday, after initially gapping down just a little bit. At the end of the day, we had punctured the $100 level, but could not remain above it.
The WTI Crude Oil markets fell during the session on Thursday, dipping down to the $98.00 level. That area of course found enough support in order to push the market back up and form a hammer.
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The WTI Crude Oil markets fell initially during the session on Wednesday, but found enough support at the $90 handle in order to turn things back around and form a hammer of sorts.
The WTI Crude Oil markets had a positive session on Tuesday, as we took back most of the losses for the session on Monday.
The WTI Crude Oil markets fell hard during the session on Monday, but as you can see found the $97 level to be supportive. We bounce slightly from that level, and as a result I’m not too surprised if this market continues to consolidate in the short-term.
The WTI Crude Oil markets initially fell during the session on Friday, but as you can see found enough support to turn things back around and form a hammer.
The WTI Crude Oil markets did almost nothing during the session on Thursday as we continue to meander around the $98 level. This area has in fact been resistive in the past, as recently as early February.
The WTI Crude Oil markets fell during the session on Tuesday, slicing through the $100 level. However, we’re not completely through the support yet, so I am not comfortable shorting.
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The WTI Crude Oil markets fell during the session on Monday, testing the $101 level for support. This area of course has been supportive in the past, as well as resistance.
The WTI Crude Oil markets rose during the session on Friday, as the nonfarm payroll numbers come out just a little bit better than anticipated.
The WTI Crude Oil markets fell during the session on Thursday, finding plenty of support down at the $100 level though. The resulting action caused a hammer to form, and now I am getting more and more bullish of this contract.
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The WTI Crude Oil markets fell heavily during the session on Tuesday, retaking a lot of the gains that the market had during the Monday session.
The WTI Crude Oil markets gapped higher at the open on Monday, primarily in reaction to the Russian invasion of the Crimean peninsula, which of course has repercussions as far as risk appetite is concerned around the world.