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Oil Prices 22 Nov 2010

oil prices

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 sentiment last week the longer term technical picture remains firmly bullish for oil prices, particularly following the breakout and wide spread up candle of three weeks ago, which lifted the commodity away from the consolidation area of the last 9 months where oil prices had been bouncing between $70 and $80 per barrel for some considerable time.  The key level, moving forward, is now a break and hold above the $90 per barrel region, which we should see in due course, and once achieved should then clear the way for an extended bull run for crude oil towards $100 per barrel and beyond in the next six months.

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