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 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.
The WTI Crude Oil markets initially gapped lower at the open on Tuesday, but found enough support near the $105.50 level to bounce significantly.
The WTI Crude Oil markets tried to rally during the session on Monday, but found the $107.50 level to be a bit too resistive, and turned back around to form a relatively negative candle.
The WTI Crude Oil markets had a good showing on Friday, breaking above the top of the hammer that had formed on Thursday. This is a classic buy signal in the technical analysis sense, thereby sending plenty of buyers into the marketplace at that point.
The WTI Crude Oil markets fell during most of the session after initially gapping higher on Thursday. The market bounced off of the $105 level, which of course was the site of a massive breakout from the ascending triangle, and with that I feel that the market bouncing from here and forming a hammer suggests that we will continue to go higher.
The WTI Crude Oil markets fell during the session on Wednesday, as we continue to drop in value. However, the $105 level below should continue to be supportive as it was the resistance from the top of the ascending triangle, which should now offer buyers as the market has clearly shown itself to be bullish.
The WTI Crude Oil market went back and forth during the session on Tuesday, finding support down at the $106 level. However, I suspect that there is probably a little bit more in the realm of bearishness, as the $105 level of course was a much more significant resistance area that we broke out of.
The WTI Crude Oil markets fell during the course of the session on Monday, but remains very much supported looking and positive overall. Get the full Crude Oil analysis for June 17, 2014 here.
The WTI Crude Oil markets initially gapped higher at the open on Friday, but as you can see spent the rest of the day falling. We did find a little bit of support at roughly $106.50, and as a result we ended up forming a hammer at the end of the session.
The WTI Crude Oil market broke out of the ascending triangle during the session on Thursday, leaving the $105 level behind. This area has been very resistive over the last few months, and the move above is a major bullish sign.
The WTI Crude Oil markets rose during the session on Wednesday, but just as we saw on Tuesday the sellers stepped in and kept the market somewhat down. Get the full analysis for June 12, 2014 here.