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!
Crude Oil Price Technical Analysis
On Thursday, the West Texas Intermediate (WTI) Crude Oil market fell slightly and is now testing the 50-Day EMA, which is a significant technical indicator for traders.
The WTI Crude Oil market was bearish during Wednesday’s trading session, indicating a possible gap fill as prices continue to fall towards the $77.30 level.
WTI Crude Oil (US Oil) and Brent, two major oil benchmarks, have experienced limited activity recently with WTI facing a downturn and Brent looking likely to fill the gap underneath.
The West Texas Intermediate Crude Oil market has been sitting around the 200-Day EMA, indicating that it's trying to figure out where it wants to go next.
The West Texas Intermediate Crude Oil market has been relatively stagnant during Friday's trading session, as traders try to figure out the future of the economy.
The West Texas Intermediate Crude Oil market did not move much during Thursday's session, as the market continues to hover under very significant overbought conditions.
The West Texas Intermediate Crude Oil market has rallied in recent trading sessions, although there is still a lot of noise just above the 200-Day EMA.
The West Texas Intermediate Crude Oil market has been indecisive during Tuesday's trading session, as it hesitates just below the 200-Day EMA.
The crude oil market has experienced significant volatility in recent weeks, with both the WTI and Brent markets struggling to gain traction.
The West Texas Intermediate (WTI) Crude Oil market has been exhibiting a great deal of volatility, going back and forth during Thursday's trading session.
The recent announcement by OPEC+ to cut oil production by 1 million barrels per day has had a significant impact on the West Texas Intermediate Crude Oil and Brent markets.
The recent rally in the Crude Oil market might seem encouraging, but there are underlying concerns that suggest a downward trend may be imminent.
The WTI Crude Oil market has been slightly positive during the trading session on Thursday, but still looks as if it has a bit of negativity attached to it.
The West Texas Intermediate Crude Oil market rallied slightly during Wednesday's trading session, approaching the 50-Day EMA.
WTI Crude Oil and Brent markets have been struggling lately, facing significant resistance just above current pricing.