Oil is one of the most commonly traded commodities in the world, and is available for trade in most of the top Forex trading platforms, as well as in many leading binary options platforms. Oil is often known as petroleum, though in reality, petroleum is the result of the processing of crude oil, a natural liquid that is found underground. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets.
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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The crude oil markets initially tried to rally during the open on Monday, and for some time it appeared that we are simply going to hover around the $60 level.
The natural gas markets fell during the trading session on Monday as we kick off the week yet again.
The WTI Crude Oil market has gone back and forth during the trading session on Friday, sitting just above the psychologically important $60 level.
Natural gas markets rallied a bit during the trading session on Friday, dancing around the 50 day EMA.
The WTI Crude Oil market clear the $60 level during the trading session on Thursday but did stall above there as we couldn’t quite keep up the massive momentum.
The natural gas markets initially rallied during trading on Thursday but have failed again at the first signs of trouble above the 50 day EMA.
The crude oil markets had a positive session on Wednesday, breaking above the psychologically important $60 handle.
Natural gas markets ran into significant resistance later in the day on Wednesday, as the $2.50 level has caused selling pressure.
Crude oil markets did very little during the trading session on Tuesday as we continue to dawdle around the 50 day EMA.
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Natural gas markets initially broke down during the trading session on Tuesday as per usual, as this market has been very bearish for the longest time.
Natural gas markets gapped higher to kick off the week on Monday, and even managed to clear the 50 day EMA.
The WTI Crude Oil market rallied initially during the trading session on Monday but as you can see gave back quite a bit of the gains and ended up forming a bit of a shooting star.
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Natural gas markets pushed higher to the trading session, reaching towards the 50 day EMA.
Natural gas markets were very quiet and electronic trading during the holiday session on Thursday as Americans celebrated Independence Day.