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
WTI price is interesting today because yesterday managed to close right in the middle of the "noise" going all the way up to the $98.00 level.
The WTI Crude market had a strong showing during the session on Tuesday, as the "risk on" trade came back into play. The candle close towards the very top of the range, and as a result it does look like we're going to continue to grind higher in this market.
The WTI Crude market had a strong showing during the Monday session, and had at one point attempted to take on the $96.00 level. That area is the beginning of a significant cluster, which of course I think will cause a bit of resistance.
The WTI Crude market had a positive showing on Friday, as we rose above the $93.00 level, and almost reach the $94.00 level. The area that we are currently trading in has been rather consolidative, and as a result the market has been very tight.
The WTI Crude market fell during the Thursday session, crashing into the $92.00 handle. What's interesting about this spot is that it's the top of the gap that had formed a couple of weeks ago. This means that it should, in theory at least, offer a bit of support.
The WTI market had a decent showing on Wednesday as the $93.00 level continued to offer a bit of support. However, I truly believe that this market is more or less going to be range bound through most of the summer, and I am assuming that the range is being formed as we speak.
The WTI Crude markets had a very rough day on Tuesday, as the "risk off" trade came into play around the world. Because of this, the oil markets sold off rather drastically. This was true in all oil markets, not just the WTI crude market.
The WTI Crude market initially fell during the session on Monday, as the markets were rocked by the situation in Cypriot banking. As the day unfolded, it became more and more apparent that it wasn't Armageddon, and as a result risk assets were bought back up.
The WTI Crude market had a good showing on Friday as the bullishness in this market continued. The market rose during the session, mainly pushed along by weakness in the US dollar. As the market is priced in US dollars, it makes sense that we see more of them needed to buy this commodity.
The WTI Crude market had a positive showing on Thursday, as we continue to grind up against the $93.00 level. In fact, we may so close above that for the first time in a couple of weeks, and this of course is a bullish turn of events.
The WTI Crude market had a back and forth session during the Wednesday, as we continue to churn just below the $93.00 level. This level is resistive as I had anticipated, and as a result this does not surprise me.
The WTI market shot higher during the session on Tuesday, but did run the quite a bit of resistance at the $93.00 level. This is the epicenter of a cluster of noise going all the way to the $94.00 level, and as a result this doesn't surprise me that the market found it difficult to overcome.
The WTI contract has an interesting session on Monday. The market originally fell, but as you can see on the chart, bounced back in order to form a hammer that stopped just at the top of the gap from last week.
The WTI markets had a bullish session again on Friday, after initially falling. The market closed just below the $92.00 level, and as a result we are pressing up against significant resistance.
The WTI Crude market had a positive session during the Thursday trading hours, as we attempted to break to the $92.00 level. However, that level has provided enough resistance to keep the market lower, but it should be noted that it appears the 90 handle is offering enough support to at least cause some type of reaction.