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Daily Crude Oil Prices 11 Oct 2010

daily crude oil prices

Daily crude oil prices for the WTI oil contract closed sharply higher on Friday promptly reversing Thursday’s sell off and ending the week perched above the key technical level in the $83 per barrel region.  This price point is particularly important as it represents a level at which we have seen daily crude oil prices stall before, notably in December 2009 and again in August 2010, and as such, now represents a significant resistance area.  Having broken above this level on Friday this has now added a further plank to the current upwards momentum which has been further helped this morning with the market opening gapped up at $83.40, having reached an intra day high so far today of $83.49 per barrel.  The bullish momentum is further confirmed by the 9 and 14 day moving averages which are now pointing sharply higher and have both crossed the 200 day.  For a complete confirmation we now await the 40 day average to follow suit, and with the 9 day ma providing excellent support to the current rally we are now looking for a break and hold above the high of mid May at $87.074 and once this has been achieved then expect to see daily crude oil prices move higher towards $90 and beyond.  In the longer term we are now looking at 3 figures once again for the commodity.