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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Crude Oil Price Technical Analysis
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.
The WTI Crude Oil markets absolutely cratered during the Thursday session as the market opened with a massive gap lower, and Falling. All commodities around the world got whacked, and of course oil was going to be no different.
The WTI Crude Oil market initially tried to rally during the Wednesday session, but as you can see the $99.00 level offered far too much resistance. I have been suggesting for a while that resistance was deathly going to be strong in that vicinity, and extending up to the $100.00 level, as it is a large round psychologically significant number.
The WTI Crude Oil initially fell during the session on Tuesday, but as you can see the bottom of the range offered enough support in order to bounce this market high enough to make a serious challenge to the top of the shooting star from Monday.
The WTI Crude Oil market rose during the session on Monday, breaking well above the 98.50 level at one point during the session. However, as you can see the market fell from that high, and a pullback in order to form a shooting star.
The WTI Crude Oil market had another positive session on Friday, breaking above the $97.50 handle, an area that I thought would be a bit more resistant than it turned out to be. However, as you can see we have pulled back below the high back in late March, and as a result we are still somewhat tied to this range.
The WTI Crude Oil market initially fell during the session on Thursday, but you can see that it found enough support at the $95.00 level in order to bounce. The bounce rose all the way above the $96.50 level, and as a result the market actually closed higher than the resistance level that had kept the markets lower lately.
The WTI Crude Oil market went back and forth during the session on Wednesday, essentially hugging the $95.50 level. I still see the area above as significant resistance, so as far as buying this market is concerned it's very difficult to come up with an idea or reason to.