Daily Oil Prices
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Oil Trading Analysis
Mon, Aug 24 2009, 06:26 GMT
by Anna Coulling
Master The Markets | View company's profile

Ahead of the Jackson Hole Symposium, at which the heads of the
world's central banks were cautiously optimistic on the outlook for the
global economy, crude oil trading ended last week with a positive feel
to the daily oil chart, with oil traders in bullish mood after the long
awaited breakout above the technical resistance level at $72 per barrel
which had proved such an obstacle in the last few months, the oil
market is now looking towards the $75 per barrel this week. How
quickly this is achieved will depend on the US Dollar as traders and
investors increasingly turn to crude oil (and other commodities) as
assets and a hedge against a weakening Dollar. With all three moving
averages now providing strong support and with the consolidation in the
$68 to $72 per barrel now providing solid support, we should see crude
oil trading at the $75 per barrel price point in the short term with a
longer term target of $80 per barrel in the medium term. Should we see
any reaction lower during oil trading next week then the strong support
now in place should provide a significant barrier to any move lower.
The short term bullish, the medium term sideways, the long term bullish.
WTI
Support: 72.65 Resistance : 75,58
Support: 68.73 Resistance : 71.97
Support: 65.14 Resistance : 68.10
Published on
Mon, Aug 24 2009, 06:32 GMT
Archive
- Oil Futures
Published On Wed, Sep 16 2009, 07:16 GMT
- Daily Oil Prices
Published On Tue, Sep 15 2009, 06:58 GMT
- Daily Oil Prices
Published On Mon, Sep 14 2009, 18:20 GMT
- Daily Oil Prices
Published On Thu, Sep 10 2009, 06:42 GMT
- Daily Oil Prices
Published On Wed, Sep 9 2009, 09:04 GMT
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