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 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.
The WTI Crude market went back and forth during the session on Wednesday, and continued to straddle the $92.80 level that has been a fulcrum for the market lately. As you can see, we have been bouncing off the $92.00 level, and it seems to be offering significant support.
The WTI crude market tried to rally during the early hours of the session, but as you can see gave back quite a bit of the gains by the time the trading day was over with. We currently sit just above the $92.00 level, an area that has been stubbornly supportive.
The WTI markets had a wild session on Monday, as the market went higher in the early hours, only to turn around and fall apart by the end of the day. The market had printed a shooting star on Friday, and as a result it already looked fairly soft from that point.
The WTI Crude market fell again during the Thursday session, managing to close below the $93.00 handle. However, we are in the middle of a cluster in this general vicinity, so support would be expected. Nonetheless, I fully expect this market to continue lower, and eventually test the $90.00 handle.
The WTI crude oil market fell rapidly during the session on Wednesday after the markets took on a real "risk off" type of attitude. Adding fuel to the fire, the Federal Reserve released the minutes of its last FMOC meeting during the Wednesday session, which of course suggested that perhaps some of its asset purchases may be slow down in the future.
The WTI crude markets rose during the session on Tuesday, breaking above the $97.00 level yet again. We have been in a consolidation area for some time now, and this simply looks like a continuation of that.
The WTI contract barely budged during the session on Monday, which of course wouldn’t be a surprise as the Americans were celebrating President’s Day. As it is a Federal holiday, many financial institutions were closed, and only the electronic global trading was available.
The WTI Crude markets did very little during the session on Thursday intensively stained below the $98.00 level that has been so resistive. I look at this area as the gateway to the $100.00 level, and getting above there would be very bullish sign.
The WTI crude market had a negative showing during the Wednesday session, pulling back after trying to breakout and above the $98.00 level. If you read the analysis from yesterday, you know that I had pointed out the $98.00 level as being potential trouble for the buyers and this seems to be exactly what has happened.
The WTI contract had a fairly bullish session on Tuesday as the momentum to the upside continued in this market. There a lot of different reasons why this market may be gaining, and as a result this makes a fairly bullish environment in which to start trading.
The WTI crude market had a very bullish session on Monday after initially falling. The market found support at the $95.00 level again, and as we have recently; found this market to be willing to buy the contract out of those levels.