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 WTI Crude Oil market had a slightly positive session on Tuesday, as we continue to drift just below the $94.00 level. This area is a significant resistance area, on the short term charts.
The WTI markets had a positive session for Monday, predicated mainly upon the fall of the US dollar overall. In a truly ironic turn of events, the PMI numbers coming out of United States and the contractionary mode, albeit just slightly, pushed the value of commodities on the whole higher.
The WTI Crude Oil markets fell rather drastically during the session on Friday, cracking below the $92.00 level. This was a significant breakdown, and it appears that we are now heading towards the $90.00 level.
The WTI Crude Oil markets had a positive session on Thursday, as we continue to bounce around in rather radically. The daily candle formed a bit of a hammer, and as a result it looks like we are going to head back towards the top of the recent consolidation area. I see this market as being "stuck" between the $92.00 level on the bottom, and the $97.00 level on the top.
The WTI the Crude Oil markets fell rather significantly during the session on Wednesday, but as you can see I am still looking at the four-hour charts for direction.
The WTI Crude Oil market had a pretty strong showing during the session on Tuesday, but towards the end of the day did show some weakness to close at roughly $95.00.
The WTI Crude Oil markets barely budge during the session on Monday, as the Americans were away on Memorial Day holiday.
The WTI Crude Oil market went back and forth during the Friday session, stopping just below the $94.00 level. This area is fairly congested, but the real consolidation in my opinion is between the $92.00 level below, and the $97.00 level above.
The WTI Crude Oil markets fell rather drastically during the session on Thursday, but you can also see that they rallied during the later hours in the American session.
I know I have recently suggested that I was only going to use short term charts to demonstrate with going on in the WTI market, but quite frankly the action today was significant enough for me to pull back and look at the daily chart.
The WTI Crude Oil markets had a slightly negative session on Tuesday, but you can see that the same general area is offering support as the $95.50 level continues to be a bit of a problem for the sellers.
The WTI Crude market had a relatively benign trading session for the Monday hours. In fact, the daily candle formed a shooting star.
The WTI Crude market has seen quite a bit of choppiness recently, and although the day was positive during Friday, I had recently expressed that I was going to start following the shorter-term charts. Quite frankly, no matter what news crosses the wires at the moment, the market simply needs to grind its way back and forth.
The WTI Crude Oil markets had a positive session on Thursday, after initially dipping below the $94.00 handle. However, the hammer that had formed on Wednesday certainly suggested that there was support below, and we did in fact see that during the session. The biggest problem now is the fact that there is so much resistance above. In other words, I absolutely hate this market at the moment for anything more than a short-term trade.
The WTI Crude Oil markets fell significantly during the session on Wednesday, falling as low as the $92.00 level. The crude oil markets in the United States reported that there was less in the inventories than anticipated, and as such this of course was bullish for oil in general. Because of the bounce, we have formed a massive hammer.