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Daily Oil Prices
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Daily Oil Prices
Mon, Sep 14 2009, 18:20 GMT
by Anna Coulling
Friday's wide spread downbar brought the recent short term rally in daily oil prices to a juddering halt ending the oil trading session below all three moving averages which it breached in the process. This pattern of a small rally higher followed by a sharp sell off immediately after seems to be becoming a common occurrence at this price level, as crude oil prices now appear to be consolidating in a wide trading range between $67 per barrel and $75 per barrel. The three moving averages are now tightly bunched once again and painting a confusing picture which provides little in the way of any meaningful analysis at present. All we can say is that for as long as the market uses crude oil as a hedge against an ever weakening USD daily oil prices will continue to exhibit these sudden and volatile gyrations as evidenced by Friday's oil trading session. The key as to whether this reversal lower is genuine or simply another market reaction to the US Dollar will only be revealed should we see a break and hold below the $67 per barrel price point once again. My own view is that the market will almost certainly rally in the short term and use this support level as a springboard to bounce higher in due course. Until we see a firm break above the $75 per barrel price level then we may be restricted to a period of swing trading opportunities between these two price levels. Overall the WTI oil contract closed the session at $69.29, having opened at $72.05 with a high at $72.90 and low of $68.82 on oil contract vols in excess of 340k. The Brent oil contract closed at $67.79, having opened at $69.95 with a high at $70.77 and low of $67.05.
WTI Oil Contract
Support: 67.41 Resistance: 72.10
Support: 63.08 Resistance: 67.03
Support: 59.86 Resistance: 61.40
Published on Mon, Sep 14 2009, 18:22 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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