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Current Oil Prices – 16th March 2009

Current oil prices have moved steadily higher during today’s trading session, following the gapped down open in overnight  trading on the hourly candle chart. Throughout the overnight session and into the morning, oil prices remained relatively flat with three bullish hammers during morning trading. These signals were subsequently confirmed by the bullish engulfing candle at 2pm this afternoon, which finally saw the price of oil rise in the afternoon session, crossing both the 9 hour and 14 hour moving averages, and finally the 40 hour average later in the session. With wide spread up candles the move is looking strong for current oil prices to rise further in the evening session, with the only area of concern being the resistance level at $48.oo per barrel, directly ahead. If this is penetrated in later trading then we could see current oil prices move higher this evening, which I will report on later today.