Published on Thu, 10/12/09 | Daily Oil Prices

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The speed of decline in crude oil prices accelerated yesterday with the commodity ending the oil trading session with a wide spread down bar which breached the key level of $72.50 per barrel, plunging us back into the midst of the deep congestion created during the long summer of sideways price action, and as a result adding further to the short term bearish sentiment so evident on the daily chart. With the recent crossing of the 40 day moving average over both the 9 and 14 day averages, and the steepness of the latter averages now clearly evident, the short term the outlook now has a very bearish flavour.   In addition with the upper level of the support area now having been breached, this has now become, potentially, a stiff level of resistance to any recovery from this price level. The key for the next few days will be whether the downwards slide in daily oil prices continues, with a test of the lower level of this price region at the $65 per barrel level, and should we see a break and hold below this level, then even $60 per barrel becomes a real prospect in the medium term. With all three moving averages now weighing heavily, only a break and hold above these, coupled with a breach of the $75 per barrel level will confirm that a recovery in crude oil has begun, but for the time being the outlook remains firmly bearish.  Overall the WTI closed the oil trading session at 70.67 having opened at 73.12 and traded between a high of 73.87 and low of 70.13.  Brent closed its session at 72.39 having opened at 75.47 and traded between a high of 76.19 and low of 72.00.  The number of oil futures contracts exceptionally high:  499k & 213k respectively.

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Support & Resistance for WTI

S1:  69.24    R1:  72.98

S2:  67.81   R2:  75.29

S3:  65.50  R3:  76.72

Support & Resistance for Brent

S1:  70.86    R1:  75.05

S2:  69.33   R2:  77.71

S3:  66.67  R3:  79.24

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