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Daily Crude Oil Prices 8 Nov 2010

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WTI Chart 8 Nov 2010

Following the breakout of crude oil which saw the commodity move firmly away from the $84 per barrel region and the subsequent pennant pattern, the longer term outlook now looks firmly bullish with crude oil prices set to move towards $100 per barrel and beyond.  These strong signals are being seen across all time frames in the daily, weekly and monthly charts where support levels and moving averages are all combining in presenting a positive picture from a technical perspective.  On the daily WTI chart all four moving averages are pointing sharply higher and with the 40 day having crossed the 200 this is adding significant weight to the longer term picture.  On the weekly chart the same applies with the 9 and 14 week moving averages having crossed above the longer term 40 and 200 week and on the monthly chart we are now trading above all four moving averages as well, to complete this picture.  In the short term we should expect to see a re-test of the $92 per barrel region before a strong run towards $100 and beyond ensues for the commodity.

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