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 went back and forth during the trading session on Wednesday, as we reached towards the $62.50 level.
The WTI Crude Oil market rallied again during the trading session on Tuesday, as we continue to see the break out take effect.
The WTI Crude Oil market broke higher during the trading session on Monday, clearing the lot of the resistance that we had seen.
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The WTI Crude Oil market rallied a bit during the trading session on Friday, closing above the $60 level which is a good sign.
The WTI Crude Oil market has pulled back rather significantly during trading on Thursday, only to turn around and form a nice-looking hammer for the daily chart.
The WTI Crude Oil market went back and forth quite a bit during the trading session on Wednesday but found the area just above $60 to be resistance yet again,
The WTI Crude Oil market rallied a bit during the trading session on Tuesday reaching towards the $60 level.
The WTI Crude Oil market initially pulled back during trading on Monday, but enough buying pressure came back into the marketplace to turn things around and reach above the 200 day EMA.
The WTI Crude Oil market fell rather hard during Friday as we sliced through the 200 day EMA.
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The WTI Crude Oil market went back and forth during trading on Thursday, as we continue to hang about the $60 level.
The WTI Crude Oil market initially fell on Wednesday but has found enough support at the 200 day EMA to turn things around and rally towards the $60 level.
The WTI Crude Oil market tried to rally during the trading session on Tuesday, but gave back the gains at the $60 level, which of course was the scene of a major gap.
The WTI Crude Oil market rallied significantly during the trading session on Monday to kick off the week, breaking above the 200 day EMA.
The WTI Crude Oil market went back and forth during the trading session in rather volatile trading on Friday.
The WTI Crude Oil market had a choppy session on Thursday, as we have broken above the 200 day EMA.