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 majority of the session on Friday, but as you can see found enough support right around the $101 level in order to bounce and form a nice looking hammer.
The WTI Crude Oil markets rose during the session on Thursday, bouncing off of the support area that we see at the $101 region that has been so supportive lately. This is simply a continuation of the supportive area that we've seen for a couple of weeks now, and as a result I think that this market will continue to grind in a somewhat sideways manner.
The WTI Crude Oil markets fell fairly hard during the session on Wednesday, but remained above the truly significant support level in the form of the $100 range, which actually starts at $101.
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The WTI Crude Oil markets fell during the session on Monday, but as you can see found enough support at the $102 level in order to bounce and form a hammer. This hammer of course suggests that we are going to see continued support in this general vicinity, and as a result I am waiting for daily close above the $104 level in order to start buying again.
The WTI Crude Oil markets rose slightly during the session on Friday after gapping just a touch lower. That being the case, we still see plenty of resistance at the $104 level, so I do not necessarily think that buying at this point in time is possible.
The WTI Crude Oil markets fell during the session on Thursday, finding the $104 level to be a bit too resistive. It's not a cute surprise, I did suspect that would be the first barrier to overcome, and the fact that today is nonfarm payroll Friday doesn't exactly help the case for a longer-term move anyway.
The WTI Crude Oil markets rose during the session on Wednesday as the bottom of the consolidation area continued to pressure the market to the upside. The move isn’t that very surprising to me, and as a result I bought into this market earlier in the day.
The WTI Crude Oil markets fell during the session on Tuesday, testing the $101 level again. This is the third hammer like candle in a row that we've seen, and as a result it is becoming more and more apparent that this level is acting as massive support.
The WTI Crude Oil markets fell during the session on Monday, but found enough support right around the $101 level in order to form a nice looking hammer.
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The WTI Crude Oil markets tried to rally during the session on Friday, but as you can see the $104 level offered enough resistance to turn the market back around and form a shooting star.
In the WTI Crude Oil markets we saw a little bit of bullishness during the day on Thursday, but as you can see the $102 level was an area that quite frankly we would've have expected it. Because of this, I can't say that I'm overly surprised, but do recognize the fact that the on certainly favor a bounce from here, not some type of massive fall.
The WTI Crude Oil markets fell during the session on Wednesday as we continued to test the lows of the consolidation area that has contained the markets for a few months now.
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The WTI Crude Oil markets fell during the session on Monday, but remain elevated enough to stay in the consolidation area that we've seen recently. The $102 level has been supportive, and I still believe that will be the case going forward.
The WTI Crude Oil markets had a positive session on Thursday, breaking above the $108 level again. I believe that this market will continue to have an upward bias to it, but there is a significant amount of resistance at the $110 level.