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 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.
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The WTI market fell during the session on Friday, testing the $97 level finding support at that exact area. We have recently broken out over the last 48 hours, so it makes sense that we would pull back to try and find more buyers.
The WTI Crude Oil markets rose during the session on Thursday, breaking above the $98 level. With that, we have finally broken out above the level that I thought would be the biggest problem in the near term.
The WTI Crude Oil markets initially fell during the session on Wednesday, but as the market progress through the session, we saw enough buyers step in to form a hammer. With that, it suggests that the market is in fact going to try to go higher, and on a break above the $98 level I see no reason why it won’t.
The WTI Crude Oil markets fell during the session on Monday, reversing the recent strength that we have seen in this market. However, I still see a significant amount of support all the way down to the $93 level, which of course the $95 level itself being rather significant.
The WTI Crude Oil market initially fell during the session on Friday, but had enough support at the $96 level to bounce hard enough to form a hammer.
The WTI Crude Oil markets had another positive session on Thursday, poking up above the $97 level. This market looks like it’s ready to continue going higher, and as a result I feel that the market will continue to go higher over the longer term as well.
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The WTI Crude Oil markets had a very strong showing on Wednesday, finally breaking above the $96 level, an area that I have five to be somewhat resistive. Now that we have closed above that area, I believe this market continues to go much higher, possibly to the $100 level although there is a lot of noise between here and there.
The WTI Crude Oil markets rose during the session on Tuesday, breaking above the $95 handle again. The fact that we broke above $95 is of course somewhat impressive, but I need to see this market break above $96 in order to be thoroughly convinced that the buyers have taken control.
The WTI Crude Oil markets fell during the bulk of the session on Monday, that I would not put too much into the candle itself even though it bounce back to form a nice-looking hammer.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets had a positive session on Friday, but found enough trouble above the $95 level to have me a bit concerned about any bullish moves coming.
The WTI Crude Oil markets fell during the session on Thursday, but as you can see found the $94 level to be supportive yet again. This is an area that has been supportive and resistive in the past, so it’s not very surprising that the market did in fact react to it.
The WTI Crude Oil markets rose significantly during the session on Wednesday, breaking above the $94 level with ease. However, I am still a bit concerned about this marketplace going forward, simply because there is so much noise between here and the $96 level.