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 session on Wednesday, as the Federal Reserve released the minutes from the last meeting suggesting that more of the board members were in agreement with Mr. Bernanke than originally thought.
The WTI Crude Oil markets fell rather significantly during the session on Tuesday, parking just above the $105 level.
The $108 level continues to be resistance, and quite frankly I feel that this resistance area probably runs all the way up to the $110 handle.
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At this time of year, it's going to be difficult to breakout simply because the real money isn't in the market right now.
There are three hammer like candles before the shooting star and that normally means consolidation at best.
It looks like were going higher sooner or later.
I see this market as being stuck between $103 on the bottom, and $109 on the top.
The biggest problem I have with this market right now is that we are simply in the middle of the trading range.
The WTI Crude Oil markets exploded to the upside during the session on Friday, bouncing off of the low area of the consolidation that we've been stuck in for a while now.
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The WTI Crude Oil markets fell during the session on Wednesday, rallying below the $105 level.
The WTI Crude Oil market fell during the session on Tuesday after initially trying to form gains.
The WTI Crude Oil markets went back and forth during the session on Monday, but as you can see they really didn't get too far in either direction by the end of the day.
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The WTI Crude Oil markets had a very strong showing during the session on Wednesday, slamming into the $105.25 level.
The WTI Crude Oil markets fell during the session on Tuesday, slicing through the $104 level, an area that we had suggested was significant support.