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 fell during the session on Tuesday, touching as low as $94.00 during the American trading hours. However, you can see that we did get a significant enough of a bounce to close at $94.86, which of course is just below the large round psychological number of $95.00 that traders typically will focus on.
The WTI Crude Oil markets fell during most of the session on Monday, testing the $95.00 level for support again. The level did of course hold, and as a result the bounce caused a hammer to appear for the daily candle.
The WTI markets initially fell on Friday, but recovered quite nicely and broke above the $96.00 level. The resulting candle looks a bit positive to me, but I have to admit that I still think that this market is currently in a consolidation area, and that the top of that is at the $97.00 area.
The WTI Crude Oil markets tried to rally during the session on Wednesday, but as you can see it failed yet again at the $94.50 level for the second day in a row. Because of this, it appears that the market is starting to struggle that, and it also doesn't help that we formed a shooting star for the session.
The WTI Crude Oil market had a slightly positive session on Tuesday, as we continue to drift just below the $94.00 level. This area is a significant resistance area, on the short term charts.
The WTI markets had a positive session for Monday, predicated mainly upon the fall of the US dollar overall. In a truly ironic turn of events, the PMI numbers coming out of United States and the contractionary mode, albeit just slightly, pushed the value of commodities on the whole higher.
The WTI Crude Oil markets fell rather drastically during the session on Friday, cracking below the $92.00 level. This was a significant breakdown, and it appears that we are now heading towards the $90.00 level.
The WTI Crude Oil markets had a positive session on Thursday, as we continue to bounce around in rather radically. The daily candle formed a bit of a hammer, and as a result it looks like we are going to head back towards the top of the recent consolidation area. I see this market as being "stuck" between the $92.00 level on the bottom, and the $97.00 level on the top.
The WTI the Crude Oil markets fell rather significantly during the session on Wednesday, but as you can see I am still looking at the four-hour charts for direction.
The WTI Crude Oil market had a pretty strong showing during the session on Tuesday, but towards the end of the day did show some weakness to close at roughly $95.00.
The WTI Crude Oil markets barely budge during the session on Monday, as the Americans were away on Memorial Day holiday.
The WTI Crude Oil market went back and forth during the Friday session, stopping just below the $94.00 level. This area is fairly congested, but the real consolidation in my opinion is between the $92.00 level below, and the $97.00 level above.
The WTI Crude Oil markets fell rather drastically during the session on Thursday, but you can also see that they rallied during the later hours in the American session.
I know I have recently suggested that I was only going to use short term charts to demonstrate with going on in the WTI market, but quite frankly the action today was significant enough for me to pull back and look at the daily chart.
The WTI Crude Oil markets had a slightly negative session on Tuesday, but you can see that the same general area is offering support as the $95.50 level continues to be a bit of a problem for the sellers.