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
The WTI Crude Oil markets rose during the course of the session on Monday, testing the $104.60 level. We closed at the very top of the range, which tells me that this market is still very bullish, and I believe that this market will make a serious attempt to break above the $105 level.
The WTI Crude Oil market initially gapped higher on Friday, but as you can see ended up losing momentum during the day. That being the case, we broke down below the $103.00 level, and then bounced slightly.
The WTI Crude Oil markets fell during the bulk of the session on Tuesday, and even managed to touch the $99 handle, an area that is without a doubt a significant support area.
The WTI Crude Oil markets went back and forth during the course of the session on Monday, essentially hanging about the $101.00 handle.
The WTI Crude Oil markets had a horrible session on Friday, as we crashed below the $101.00 level.
The WTI Crude Oil market initially fell during the session on Thursday, breaking below the $102.00 level initially.
The WTI Crude Oil markets fell hard during the session on Wednesday, crashing through the $103 level. The market is well supported just below the $102.00 level though, so there is the possibility that buyers will step in and start buying in this general vicinity.
The WTI Crude Oil market went back and forth during the session on Tuesday, testing the $103 level. Because of this, it appears that the market may continue to drift a little bit lower, but most certainly find some type of support below.
The WTI Crude Oil markets fell during the course of the session on Monday, testing the $103 region. This area should be rather supportive though, as the market has been very bullish for some time.
The WTI Crude Oil markets gapped to the downside during the session on Thursday, but found enough support at the $104 level to cause the market to form a little bit of a neutral candle.
The WTI Crude Oil market fell rather hard during the session on Wednesday, but with the nonfarm payroll number coming out later today it’s hard to believe that the market is ready to make any significant move, at least until it gets the results of that economic report.
The WTI Crude Oil market did very little during the session on Tuesday, but the one thing that he did do was prove the $105 level to be supportive yet again. Get the crude oil analysis for July 2, 2014 here.
The WTI Crude Oil market fell initially during the session on Monday, testing the $104.75 level. That being the case, the market found plenty of support down below, and bounced enough to form a hammer.
The WTI Crude Oil markets fell during Thursday’s trading, testing the $105 level for support. That being the case, we did in fact a bounce from there, so it appears that the market is still going to be well supported.
The WTI Crude Oil market initially gapped higher at the open on Wednesday, but spent the rest the day falling backwards, only to turn around at the $105.75 level and form a nice-looking hammer.