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Daily Oil Prices

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Daily Oil Prices

Tue, Sep 15 2009, 06:58 GMT
by Anna Coulling

Master The Markets

Following Friday's sharp sell off in daily oil prices yesterday's oil trading session was decidedly muted with crude oil trading in a relatively narrow range and ending the day as a small doji cross sitting below all three moving averages.  The pattern of a short term rally followed by a sudden reversal is one we have seen several times in August and now seems to be being repeated in early September, but if past history is anything to go by this may only be a temporary change in direction before we see daily oil prices push higher once again.  Indeed yesterday's candle would seem to suggest that this is the case, and certainly failed to follow through on the widespread down bar of Friday.  For oil bulls the concern is twofold:  firstly we are now deeply embedded in the congestion area once again in the $67-$72 price region, and secondly the high of yesterday seemed to find some resistance from the 9 day moving average.  Of these the second is of less significance since the moving averages are now tightly bunched, once again, and therefore of less value from a technical perspective, but nevertheless worth noting.   With daily oil prices now trading in a relatively narrow range we can expect to see a further period of sideways consolidation with the lower boundary defined at the $67 per barrel price and the upper level now established at the $73 per barrel level.  For the longer term direction for crude oil prices we need to see a break and hold below or above these two price points which will then establish the medium term trend once again.  Overall the WTI oil contract closed at $68.86 having opened at $69.15 reaching an intraday high of $69.51 and low of $68.02.  Oil futures contracts were almost 223k contracts.  Meantime the Brent oil contract closed at $67.44 having opened at $67.17 reaching an intraday high of $68.00 and low of $66.66.  Oil futures vols just shy of 98k.

Support:  67.41       Resistance:  72.10

Support:  63.08       Resistance: 67.03

Support:  59.86        Resistance: 61.40

Published on  Tue, Sep 15 2009, 06:59 GMT