Daily oil prices extended their recent upwards momentum in today’s oil trading session with the WTI contract hitting the $75 per barrel price handle.  Having rallied yesterday by almost $2 per barrel the closing price still failed to breach the 14 day moving average which was, however, achieved in today’s trading session and, in addition, [...]

The weekly chart for daily oil prices and the WTI crude oil contract in particular, provides an interesting perspective on the current state of the oil market.  The relentless sideways consolidation for crude oil appears to show no sign of reaching a conclusion continued last week with the weekly chart ending as a hammer candle [...]

Daily oil prices bounced higher yesterday having initially reacted negatively the the bigger than expected build at Curshing.  This positive sentiment has carried over into this morning oil trading session but, from a technical perspective the move higher is not indicative of any longer term reversal in the fortunes of daily oil prices which is [...]

Daily oil prices continued to slide lower yesterday with the WTI oil contract breaking sharply below the $72 per barrel price point and adding further downwards pressure to the commodity.  With this breach of the support area at $72 per barrel daily oil prices can only now look to the minor support at $71 per [...]

Daily oil prices moved lower once again in the oil trading session today, pushing below the $72 per barrel level to trade at time of writing at $71.67 and further extend the bearish trend of August.  With oil prices having extended losses for a fifth consecutive day, negative sentiment towards crude oil is now extremely [...]

Daily oil prices continued lower once again on Friday following a week of sideways price action which hinted at such a move.  Friday’s candle on the WTI contract broke below the $74.30 price point which could have provided a modicum of support but which in fact failed to hold suggesting that we may see further [...]

Yesterday’s hammer candle on the WTI daily chart has failed to deliver the expected bounce with daily oil prices stubbornly refusing to move higher but rather falling lower and on towards the $74 per barrel region.  This bearish picture is further evidenced by the 9 day moving average which crossed below the 40 day moving [...]

Another negative day for daily oil prices which ended the crude oil trading session lower once again but with a relatively narrow spread candle which suggests that the recent bearish phase may be drawing to a close.  Indeed in early oil trading this morning the WTI crude contract has been trading higher at $76.03 at [...]

The WTI crude oil contract continued lower on Friday having broken below the 40 day moving average and further confirming the short term bearish sentiment which had been evident throughout the week.  Once again daily oil prices failed to breach the $82.97, an area which has previously proved to be a barrier to the development [...]

Yesterday’s inside day candle hinted at a possible reversal in daily oil prices which today ended as a wide spread down bar albeit with a long shadow to the base of the candle which managed to push the WTI contract back to the $80 per barrel price point.  However, with today’s candle breaking through both [...]