Crude Oil Chart 27 Nov 2009
With the US markets closed for Thanksgiving yesterday, all the major markets traded on relatively thin volumes with some extremely volatile moves, particularly in the forex markets where fundamental news and scare stories such as the problems with Dubai World have caused investors and traders to look for safe havens on a day dominated by rumour and speculation. The oil market appeared to avoid much of this, although in early trading this morning we are perhaps seeing a late reaction, with crude oil prices moving sharply lower, and adding to the negative sentiment seen yesterday with the price of oil breaking below the 40 day moving average once again. With the downward slope of the daily chart now increasing, the key will be the platform of potential price support which now awaits below, with the first minor test coming in the $74 per barrel price level. The principle level that define whether we see a bounce higher or a further decline will come from the $72 per barrel level which formed the upper tier of the consolidation channel, and should this be breached, then we could see a further period of susutained sideways consolidation for crude oil price in the short term. Overall the WTI oil price ended the trading session at 76.23 having opened at 77.80 and traded between a high of 77.94 and low of 76.05. Brent closed its session at 76.99 having opened at 78.31 and traded between a high of 78.31 and low of 76.95. Futures traded 36k & 59k respectively owing to Thanksgiving Holiday.
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Support & Resistance for WTI :
S1: 75.54 R1: 77.43
S2: 74.85 R2: 78.63
S3: 73.65 R3: 79.32
Support & Resistance for Brent :
S1: 76.52 R1: 77.88
S2: 76.05 R2: 78.77
S3: 75.16 R3: 79.24
