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 West Texas Intermediate Crude Oil market has initially tried to rally again during the day on Friday, but as we have seen multiple times, the market has fallen apart, and it looks like we are seemingly hell-bent on going down to the $70 level.
The West Texas Intermediate Crude Oil market has fallen hard again during the trading section on Wednesday, as we have made a fresh, new low.
The West Texas Intermediate Crude Oil initially rallied during trading on Monday, but then gave up a lot of ground almost immediately.
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The West Texas Intermediate Crude Oil market initially rally during the trading session on Thursday but has pulled back from just below the 50-Day EMA.
The West Texas Intermediate Crude Oil market has been bullish again during the trading session on Wednesday as we continue to see an attempted recovery.
The Crude Oil market had broken through a major support level, but then turned around later in the day to form a bit of a hammer.
The Crude Oil market has rallied a bit on Friday but found enough resistance near the $80 level to turn things around and show signs of exhaustion.
The WTI Crude Oil market has done very little during thin Thanksgiving trading on Thursday.
The West Texas Intermediate Crude Oil market fell again during the trading session on Wednesday, reaching toward the bottom of the hammer that formed on Monday.
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During the trading session on Tuesday, we have seen a little bit of a bump higher in the WTI Crude Oil market, after forming a nice hammer during the trading session on Monday.
The West Texas Intermediate Crude Oil market has fallen during trading on Thursday, as more concerns about demand enter the marketplace.
The West Texas Intermediate Crude Oil market has done very little for the last several weeks, bouncing around in the same area that we have been in for a while.
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The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday as we had broken toward the $89 level.
The West Texas Intermediate Crude Oil market has rallied to reach the $89 level on Friday, as we continue to dance around the 50-Day EMA.
The West Texas Intermediate Crude Oil market has plunged lower during the trading session on Wednesday to reach down toward the $86 level.