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 was very noisy during the day on Monday, as we continue to go back and forth in a consolidation area that is now well defined.
The WTI Crude Oil market initially fell on Friday, breaking below the $68 level, and then turned around to form a bit of a hammer.
The WTI Crude Oil market tried to rally during the day on Thursday but gave back most of the gains.
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The WTI Crude Oil market initially fell during the trading on Wednesday. The market bounced though, forming a bit of a hammer
The WTI Crude Oil market initially tried to rally during the session on Tuesday but has found resistance again near the $69 level.
The WTI Crude Oil markets pulled back initially during the trading session on Monday, breaking towards the $67 level.
The WTI Crude Oil market has gone back and forth during the session on Friday, settling on a neutral candle.
The WTI Crude Oil market initially rallied on Thursday but found enough resistance just below the $69.50 level to turn around and form a shooting star for the day.
The WTI Crude Oil market rallied during the day on Wednesday, breaking out to the upside, clearing the $68 level.
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The WTI Crude Oil market has been very noisy during the trading session on Tuesday, going back and forth.
The WTI Crude Oil market pulled back slightly during the trading session on Monday, losing 1.6% by the time the markets closed for the day.
The WTI Crude Oil market continues to try to go higher during the trading session on Friday, but as you can see struggled a bit.
The WTI Crude Oil market initially pulled back during trading on Thursday but found enough support near the $66 level to turn around and form a bit of a hammer.
The WTI Crude Oil market rallied significantly during the trading session on Wednesday, reaching towards the $67 level.
The WTI Crude Oil market rallied a bit during the trading session on Monday, as the uptrend line has held.