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Daily Oil Prices 29 Nov 2010

Crude oil prices bounced back in style last week with Wednesday’s wide spread up candle injecting some much needed optimism which was duly consolidated on Friday with a hold above all 4 moving averages once again.  Indeed a feature of Friday’s candle was the deep...

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Oil Prices 22 Nov 2010

Crude oil prices closed lower last week ending the week and the oil trading session as a relatively narrow spread down candle which found solid support from the 9 week moving average, suggesting a possible platform of support in the technical area.  Despite the negative...

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Daily Oil Prices 7 Oct 2010

The WTI daily oil price blasted through the minor resistance at the $82.97 price point ending the oil trading session as a relatively wide spread up candle but with wicks to the top and bottom signifying a somewhat volatile trading session which saw oil prices...

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Daily Oil Prices 30 Sep 2010

As forecast in Tuesday’s daily oil prices commentary the pennant pattern which had been forming on the WTI oil chart over the past few weeks, duly delivered the spectacular breakout we expected, with crude oil closing yesterday at fractionally below $78 per barrel.  The wide...

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Daily Oil Prices 23 Sep 2010

Yesterday’s long legged doji candle on the daily WTI oil chart hinted at a possible pause point and potential reversal for crude oil, but so far in early trading this morning this has failed to materialise with the commodity drifting lower once again to trade...

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Daily Oil Prices 12 Aug 2010

A combination of Tuesday’s FOMC meeting, falling equity markets, IEA warnings of a fall in a demand for oil and a stronger dollar have all conspired to drive the WTI oil contract back towards the $75 per barrel price point.  From a technical perspective yesterday’s...

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WTI Crude Oil Chart 16 July 2010

Over the past few weeks oil trading has become extremely tricky as the broader market tries to establish whether the global economy is recovering or likely to tumble back into recession and evidence of this uncertainty can be seen in the monthly WTI crude oil...

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Crude Oil Trading 14 June 2010

Crude oil prices continued to recover, albeit slowly last week, with Thursday’s price action breaking above the $75 per barrel price area but failing to breach the 40 day moving average along with the 200 day moving average, whilst Friday’s price action reversed some of...

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Daily Oil Prices 7th June 2010

Daily oil prices continue to trade in a volatile manner last week as the WTI contract trends in the channel between $76 per barrel to the upside and $79 per barrel to the downside.  Friday’s wide spread down candle pushed oil prices below all four...

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Crude Oil Trading 2 June 2010

Despite yesterday’s wide spread down on the WTI daily crude oil chart which indicated a relatively weak oil market, the short term outlook still remains bullish for crude oil as evidenced by three factors:  first yesterday’s low found strong support from the 9 day moving...

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