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 broken above the 200 day EMA during the trading session on Tuesday, as it looks like we are ready to break through the $42 level.
The West Texas Intermediate Crude Oil market initially dropped during the trading session on Monday to kick off the week but has found plenty of support near the $40 level yet again.
The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading session on Friday but turned around to show signs of life again near the $40 level.
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The West Texas Intermediate Crude Oil market continues to sit still and put traders to sleep.
The West Texas Intermediate Crude Oil market has rallied rather significantly during the trading session, crashing into the 200 day EMA.
The West Texas Intermediate Crude Oil market initially gapped a bit lower, and then drove down during the Globex session.
The West Texas Intermediate Crude Oil market had a choppy session again on Monday as traders came back to work.
The West Texas Intermediate Crude Oil market has initially pulled back on Friday to show signs of weakness but turned right back around to form a hammer.
The West Texas Intermediate Crude Oil market broke down a bit during the trading session on Thursday, which is good news considering how we had been struggling
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The West Texas Intermediate Crude Oil market has rallied a bit again during the trading session on Wednesday as we continue to see a lot of resistance just above.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session but bounced on Tuesday to show that we continue to see the $40 level as somewhat important.
The West Texas Intermediate Crude Oil market initially took off to the upside during the trading session on Monday to open up the week, but we have a significant amount of resistance just above to cause issues.
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The West Texas Intermediate Crude Oil market did rally a little during the trading session on Friday, which makes sense considering that it was the observed Independence Day holiday.
Looking at the West Texas Intermediate Crude Oil market, you can see that we have rallied ever so slightly but at the end of the day we are still very much in the same range that we have been in
The West Texas Intermediate Crude Oil market has gone back and forth during trading on Wednesday, in a relatively tight range.