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 West Texas Intermediate Crude Oil market has fallen again during the trading session on Thursday, as we broke solidly through the 50 day EMA
Natural gas markets had a choppy session yet again during the trading day on Thursday as the markets may be a little bit overextended.
The WTI Crude Oil market fell rather hard during the trading session on Wednesday, even though the inventory number was very strong.
Natural gas markets pulled back a bit during the trading session on Wednesday, as the 200 day EMA has offered significant resistance during the day on Tuesday, forming a shooting star.
The West Texas Intermediate Crude market rallied significantly initially during the trading session on Tuesday, but has found the lot of resistance above the 200 day EMA.
Natural gas markets initially tried to rally during the trading session on Tuesday, breaking towards the $2.65 level before finding selling again.
The WTI Crude Oil market broke higher during the trading session on Monday, slicing through the downtrend line that we have seen, and now we are reaching towards the 200 day EMA.
Natural gas markets rallied a bit during the trading session on Monday, reaching towards the vital $2.60 level, which is not only a large, round, psychologically significant figure.
Natural gas markets initially pulled back during the trading session on Friday but found enough support at the $2.40 level to turn around and rally towards the $2.50 level.
The West Texas Intermediate Crude Oil market initially fell during the trading session on Friday, reaching down to the $55 level early in the day.
Natural gas markets have gone back and forth during the session on Thursday as we are starting to reach highs again.
The West Texas Intermediate Crude Oil market has struggled to hang onto gains during the trading session on Thursday, as we got a better than anticipated inventory figure, but have also failed at the downtrend line that has been so prevalent in this market.
Hotter temperatures forecasted in the United States continues to drive natural gas prices higher, as we have broken above the $2.40 level for the first time since July.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Wednesday as traders bought everything they can get their hands on.
Natural gas markets have rallied quite significantly during the trading session on Tuesday, after initially pulling back to the 50 day EMA before bouncing towards the $2.35 level.