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 market initially tried to rally during the trading session on Thursday but gave up the gains again as we continue to see a lot of downward pressure in the crude oil market.
The West Texas Intermediate Crude Oil market fell hard during the trading session on Wednesday as pretty much everything out there got hammered.
The West Texas Intermediate Crude Oil market initially fell rather hard during the trading session but turned right back around to show signs of strength as the $64 level offered significant support.
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The West Texas Intermediate Crude Oil market rallied again after initially pulling back from the gap higher on Monday.
The WTI Crude Oil market has initially tried to pull back a bit on Friday, to test the uptrend line from the ascending triangle that we have been stuck in.
The West Texas Intermediate Crude Oil market has broken down significantly during the trading session on Thursday to test the bottom of an ascending triangle.
The West Texas Intermediate Crude Oil market initially rallied during the trading session on Wednesday to reach the top of the massive ascending triangle that I have drawn on the chart.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Tuesday but recovered yet again
The West Texas Intermediate Crude Oil market fell significantly during most of the trading session on Monday but recovered by the end of the day.
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The West Texas Intermediate Crude Oil market fell a bit during the trading session on Friday only to turn around and rally quite significantly.
The West Texas Intermediate Crude Oil market gapped a little bit lower to kick off the trading session on Thursday to show signs of negativity.
The West Texas Intermediate Crude Oil market gapped higher to kick off the trading session on Wednesday and then shot towards the $67.50 level.
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The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday as we are pressing the top of a huge ascending triangle.
The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Monday but turned around to show signs of strength yet again.
The West Texas Intermediate Crude Oil market fell rather hard during the trading session on Friday, showing signs of exhaustion at the $65 level.