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 WTI Crude Oil markets fell during the majority of the session on Thursday, but as you can see the $92.50 level offered enough support to push this market up and form a hammer.
The WTI Crude Oil markets tried to rally during the session on Wednesday, but as you can see got sold off towards the end of the day in order to form a shooting star.
The WTI Crude Oil markets fell during the session on Tuesday, sending the market well below the $95 level, showing that the market is continuing to show weakness overall.
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The WTI markets fell during most of the session on Monday, but bounced in order to form a hammer by the time the markets closed. This of course is a supportive sign, and therefore I think this market is trying to build a bit of a base in this general area to bounce to perhaps the $98.50 area.
The WTI Crude Oil markets did very little during the session on Friday, essentially showing how confused the markets are at the moment simply because the nonfarm payroll numbers came out stronger than anticipated.
The WTI Crude Oil markets spent most of the day on Thursday falling, but it is simple consolidation that I'm looking at just below the $95 handle it has caught my attention.
WTI Crude Oil markets rose during the session on Wednesday, breaking above the $95 level, and as a result the market looks like it's ready to do a little bit of a bounce from here.
The WTI Crude Oil markets fell during the session on Tuesday, testing the $93 level. That level has offered support though, and as a result the candle does look a little bit like a hammer.
The WTI markets did very little during the session on Monday, essentially reaffirming the fact that the 95 level is going to be a slightly resistive area, while the 94 level will be supportive.
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The WTI Crude Oil markets fell hard during the session on Friday, breaking below the all-important $96 handle.
The WTI Crude Oil markets did almost nothing during the session on Thursday, but remains true to the idea that the $96 level is going to continue to be supportive.
The WTI Crude Oil markets initially fell during the session on Tuesday, but as you can see found enough support to bounce and form a hammer. This hammer of course is a relatively strong looking candle, and as a result we think this market will continue to go higher, probably testing the $100 level in the short term.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets rose during the session on Monday again, essentially confirming that the supportive hammer looks to be able to hold the market higher.
In the WTI Crude Oil markets rose during the session on Friday, breaking the top of the Thursday hammer. This of course is a classic bully signal, and as a result I am long of this market for the short term.
The WTI Crude Oil markets fell during the session on Wednesday, finding support at the $96 level. The resulting bounce formed a nice hammer for the day, and this of course is very supportive looking candle all of a sudden.