Crude Oil Price Chart 11 Dec 2009
Crude oil prices continued to slide ever lower on Friday ending the oil trading session with a wide spread down bar and adding further downwards pressure to an already bearish picture. With crude oil prices falling for 5 consecutive sessions last week and closing deep into the congestion zone of the summer months, for any recovery we will need to see some significant reversal signals coupled with a strong catalyst (either fundamental or geo political) to propel daily oil prices back towards the $85 per barrel level which seemed to beckon in mid November. With all three moving averages now pointing sharply lower and with the upper level of the congestion having now been breached the key price for crude oil this week will be the $65 per barrel price handle. Should this provide potential support then we may see a bounce and marginal recovery from here but a failure at this level would indicate a much deeper move possibly even to re-test the $60 per barrel price point in due course.
What is the best oil trading platform? In my view it is Metatrader 4. So why not download your free demo copy of the metatrader 4 software by clicking on the following link, download metatrader free, and get started today.
Leave a Reply