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 rallied slightly during the trading session on Monday, as we continue to see strength in crude oil overall.
WTI Crude Oil traders bought hand over fist during the trading session on Friday to close at the top of the candle stick, and then break above the $55 level.
The WTI Crude Oil market initially pulled back during the day on Thursday but found enough support near the $53 level to turn around and form a bit of a hammer.
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The WTI Crude Oil market rallied a bit during the trading session on Wednesday, but we continue to struggle with the idea of breaking above the $55 level.
The WTI Crude Oil market went back and forth during trading on Tuesday, as the market continues to consolidate in the same general vicinity it has been in for several days.
The WTI Crude Oil market initially fell hard during the trading session on Monday, but we have seen support below the $52 level yet again.
The WTI Crude Oil market did very little during trading on Friday as we continue to see a lot of consolidation.
The WTI Crude Oil market fell significantly during the trading session on Thursday, slicing through the 20 day EMA and the 50 day EMA.
The WTI Crude Oil market fell during the trading session initially on Wednesday yet again, testing the 20 day EMA.
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The WTI Crude Oil market fell during the trading session on Tuesday, reaching down towards the bottom of the hammer from the Monday session.
The WTI Crude Oil market initially fell during the trading session on Monday, testing the 50 day EMA.
The WTI Crude Oil market pulled back slightly during the trading session on Friday, but found enough support at the 50 day EMA, which of course is a major technical indicator.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil market rallied significantly during the trading session on Thursday but gave up a lot of momentum above the $55 level, as traders closed position that the jobs number.
The WTI Crude Oil market rallied rather significantly during trading on Wednesday, touching the vital $55 level before pulling back.
The WTI Crude Oil market rallied a bit during the trading session on Tuesday as we continue to grind sideways overall.