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Daily Crude Oil Prices 22 Oct 2010

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Oil Prices - WTI 22 Oct 2010

Daily crude oil prices on the WTI oil chart moved lower in the oil trading session yesterday, ending as a relatively wide spread down candle which broke below both the 9 and 14 day moving averages once again as we continue choppy trading in a narrow range this week as the commodity consolidates between $80 per barrel to the downside and $84 per barrel to the upside.  The trading pattern that we are seeing for daily crude oil prices at the moment is similar to that of late August and September where the commodity consolidated before breaking out to the upside and this looks as though it is pattern which is likely to be repeated once again.  The reason for this is that below, we have a strong platform of support and coupled with the 40 day moving average which has now crossed above the 200 day, this is giving us a bullish signal on the daily chart, and provided we see a break and hold above the shorter term averages, coupled with a hold above the $82.97 per barrel then this will give us a clear signal of bullish intent.  From there any move above $84.43 will then provide the requisite platform of support and a springboard for the longer term.  Once clear of this area expect daily oil prices to gather pace and begin to move towards our medium term target of $87.14 per barrel and thereafter through, and on towards, $100 per barrel.