A historical chart for crude oil prices represents changes in the opening and closing prices for crude oil and the fluctuations in its traded volume over a predetermined period. Websites such as Bloomberg, CNBC and Investing.com provide charts ranging from intraday periods to five years.
Historical charts are also used for technical analysis in the trading of crude oil contracts. Traders use the data these charts present to identify patterns and prevailing trends in the commodity's price. Entry and exit points for trades are also determined using historical charts. These charts can be augmented in detail using specified time bars to represent the price range for shorter time frames within a long period. For example, a 30-day historical chart could consist of one-hour time bars to represent the full price range for crude oil in one-hour segments throughout this period.
A candlestick time bar provides a visual representation that is inclusive of the opening, closing, high and low prices for the time frame. To further supplement a historical chart, specialized charts can be overlaid onto them. These allow analysts to correlate data from key technical indicators, such as moving averages, price channels, Fibonacci retracements, and oscillations in the price and volume of crude oil.