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 fell heavily during the session on Tuesday, retaking a lot of the gains that the market had during the Monday session.
The WTI Crude Oil markets gapped higher at the open on Monday, primarily in reaction to the Russian invasion of the Crimean peninsula, which of course has repercussions as far as risk appetite is concerned around the world.
The WTI Crude Oil markets have slightly positive session at the end of the day on Friday, after initially gapping lower. The gap wasn’t much though. Rather, I look at the totality of the move recently action and feel that the $102 level is indeed trying to act as a bit of a base in order for this market to go higher.
The WTI Crude Oil markets fell during the session on Thursday, showing significant weakness during the day but remaining above the $102 level. The resulting daily candle is a shooting star, so we have to wonder whether or not this market is going to start falling.
The WTI Crude Oil markets fell during the session on Tuesday, but found more than enough support down at the $101 level to turn everything back around and keep the market afloat. In fact, the support was strong enough to push the markets up roughly 1 dollar, which formed a nice-looking hammer for the daily candle.
The WTI Crude market went back and forth during the session on Monday, essentially settling nothing. The one thing that the chart does show me is that the $102 level is currently acting as a little bit of a support level.
The WTI Crude Oil markets fell during the bulk of the session on Friday, but as you can see found enough support at the $102 level to turn back around and form a hammer by the end of the day.
The WTI Crude Oil markets initially fell during the session on Thursday, but found enough support above the $102 level in order to bounce and form a hammer.
The WTI Crude Oil market continues to gain ground as the Wednesday session was positive as well. We closed just below the $103 level, but it’s now obvious that the $102 level is going to bring in more buyers.
The WTI Crude Oil markets rose during the session on Tuesday, and in fact even managed to break out rather successfully. I have been looking at the $101.50 level as the resistance it needs to be overcome, and now I believe that the market is going to chew into the previous consolidation area from the month of October.
The WTI Crude Oil markets found strength during the session on Monday, but it should be noted that the session would have been weighted towards the Asian and European time frames, as the Americans celebrated President’s Day, therefore limiting the liquidity during part of the session.
The WTI Crude Oil markets fell during most of the session on Friday, but as you can see bounced hard enough to form a hammer. Over the last five sessions, we have seen four hammers and one shooting star.
The WTI Crude Oil markets fell during the bulk of the session on Thursday, but found enough support below the $100 level to turn around and form a hammer.
The WTI Crude Oil markets rose during the session initially on Wednesday, but as you can see the area above the $101 level was a bit too resistive, and therefore push the market back down.
The WTI Crude Oil markets fell during the session on Tuesday, but found enough support just below the $100 level to form a hammer for the session again. This is the second hammer in a row, and now I feel fairly confident that the $100 level will continue to offer support in this market, pushing the market higher.