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Daily Oil Prices 29 Nov 2010

crude oil prices

Oil Chart (WTI) 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 shadow to the lower body which tested support at the 9 day moving average suggesting that bullish intent remained firm and moreover this has converted into strong gains for the commodity in the oil trading session today with crude oil trading at time of writing over $1.63 per barrel higher, at $85.63.  The key point to note from a technical perspective is that we are now once again trading above all four moving average and provided this continues to remain the pattern, then expect to see crude oil retest the high of 3 weeks ago at $88.62 per barrel.  The 200 day moving average continues to slope higher suggesting that the longer term outlook for oil remains bullish and indeed our medium term target for the commodity continues to be $100 per barrel.