Monthly Oil Chart May 2009
Crude oil prices hit over $66 a barrel on Friday, setting a fresh high for the year and confirming their biggest monthly gain in over 10 years. July contract for Nymex WTI rose 92 cents and at one point touched $66.03 (up 29.8% this month). WTI is on course for its [...]
Yesterday’s surge in crude oil prices saw daily oil prices hit an inter day high of $65.44 before settling at $64.83 giving oil traders an overall gain of $1.95. All this on a day when the EIA oil stats confirmed a bigger than expected draw in crude inventories which added considerable to the bullish price [...]
Although OPEC’s announcement that it would maintain its current production targets was widely expected and did help to boost crude oil prices it was this week’s oil inventory figures which really gave daily oil prices a shove, pushing the price above our $65 per barrel target. As crude oil prices have now also broken through [...]
With crude oil prices now favouring OPEC it is not surprising that members have decided to maintain current production targets and more likely to comply with the 4.2m barrels announced and agreed last year. The focus for oil traders will be the rhetoric (or otherwise) about price targets or stock levels in the communique due [...]
In spite of nervous equity markets and a stronger dollar crude oil prices managed to stay bullish for most of yesterday as traders looked to technical factors on the oil chart to bounce daily oil prices to another fresh high of $63.81. However, a bout of mild profit taking did push the oil price back [...]
The bullish sentiment for crude oil remains firmly in place on the daily oil chart despite yesterday’s doji candle indicating indecision and uncertainty (seen in today’s pullback) as the market attempts to break above the resistance at $82.50 per barrel. Friday’s wide spread up candle added some bullish impetus to the recent upwards trend [...]
Oil prices finally found some bullish traction yesterday ending the oil trading session as a relatively wide spread up candle which closed marginally above the temporary pause point at $80.80 per barrel. The low of the day was well supported by the 9 day moving average and with all four moving averages now firmly below [...]
Oil prices closed February trading in a narrow range and the weekly candle ended the month as a narrow spread down bar with a small shadow to the lower body. The price action on the weekly oil chart failed to continue the momentum of the previous week as the $80 per barrel price handle once [...]
Daily oil prices continued to pause yesterday just below the 80 per barrel price point, ending the trading session with a relatively wide spread up candle and with a wick to the lower body. Yesterday’s low found good support from the 9 day moving average, which has now crossed above the 40 day suggesting that the bullish [...]
Yesterday’s pause for daily oil prices followed two weeks of solid gains as the market took a breather having broken above the $80 per barrel price handle and the deep congestion immediately below. However, yesterday’s spinning top candle thus created may indicate a short term reversal should this be confirmed with a down candle in today’s oil [...]
Friday’s wide spread up candle confirmed once again the current bullish sentiment which is self evident for daily oil prices. Friday was also an important day technically as daily oil prices broke above the psychological $80 per barrel level as well as breaking through the upper level of recent deep price congestion created in the [...]
Daily oil prices continued to move higher yesterday ending the trading session on a wide spread up candle with the close of the day now approaching the upper region of the current congested price area. The low of the day found good support from the 40 day moving average and with the 9 day now [...]
An extremely quiet day for crude oil trading yesterday which closed the session as a narrow doji cross perched on the 40 day moving average which failed to follow through on the strong momentum created in Tuesday’s upwards surge. Whilst the overall picture remains mildly bullish the key to any longer term rally remains the [...]
A strong performance for crude oil prices yesterday which rallied sharply on the back of a weaker dollar and stronger equities ending the day as a wide spread up candle and closing marginally below the $77.50 price point. Yesterday’s price action confirmed the deep hammer candle of 2 weeks ago and simultaneously breached the 40 [...]
The daily oil chart has many similarities to that of spot gold at present in that we are currently trading in a very narrow range sandwiched between two key indicators, namely the 40 day moving average to the upside and the 200 day moving average to the downside. Yesterday’s narrow spread up bar complete with [...]
