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 had initially rallied during the trading session on Friday, but we continue to see the $43 level above offer resistance.
The West Texas Intermediate Crude Oil market has initially dipped during the trading session on Thursday but has turned around to form a slightly bullish candlestick as it is like a miniature hammer.
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Wednesday, but continues to struggle with the idea of breaking out to the upside.
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The West Texas Intermediate Crude Oil market pulled back a bit during the trading session on Tuesday, reaching down towards the 200-day EMA before bouncing significantly.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Monday, but gave back the early gains to continue to show lack of momentum.
The West Texas Intermediate Crude Oil market fell slightly during the trading session on Friday, breaking well below the 200-day EMA.
The West Texas Intermediate Crude market initially tried to rally during the trading session on Thursday but gave back the gains during the session
The West Texas Intermediate Crude Oil market rallied during the trading session on Wednesday, reaching towards the top of the range and the $43.50 level before pulling back.
The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Tuesday, slicing through the 200-day EMA.
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The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Monday, as Pfizer announced a coronavirus vaccine with over 90% efficacy.
The crude oil markets fell slightly during the trading session on Friday as we have seen the 50-day EMA hold.
The West Texas Intermediate Crude Oil market fell a bit during the trading session on Thursday as the inventory numbers were not necessarily overly bullish,
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The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Wednesday, only to turn around and rally again towards the 50-day EMA.
The West Texas Intermediate Crude Oil market has rallied during the trading session on Tuesday, as the US dollar was hit.
The WTI Crude Oil market initially broke down significantly during the trading session on Monday, only to rally yet again.