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 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.
The WTI Crude market fell during most of the session on Wednesday, but as you can see formed yet another hammer focused on the $90.00 level. It is because of this that I feel this market is due for a bounce, and certainly expected sometime over the next couple of sessions.
The WTI market had a slightly positive session during the Tuesday trading hours, but did not break above the $91.00 level, an area that I would've liked to seen broken to the upside in order to start buying again.
The WTI Crude markets fell during most of the session on Monday, but as you can see it got a significant bounce by the end of the session. This formed a hammer, and as a result a possible buying opportunity.
The WTI Crude markets fell during the session on Friday, but bounced in the end to form a hammer. I have been talking for some time about the potential support at the $90.00 level, and it appears that it has arrived during the session.
The WTI Crude markets fell during the session on Thursday, as a general "risk off" vibe hit the commodities markets. This chart looks like one the ones to grind lower, and I did mention previously that I thought the $92.00 level would be somewhat supportive.