Crude Oil Chart 15 Dec 2009
Yesterday’s oil trading session finally brought the sharp decline of the last two weeks to a temporary halt ending the day with a long legged doji which closed marginally higher. Whilst yesterday’s doji duly delivered a minor reversal in crude oil prices managing to post a small gain in early trading, once again, from a technical perspective, today’s candle is looking relatively weak and certainly far from suggesting that there is any prospect of a stronger recovery. With all three moving averages now pointing firmly lower and with oil prices deeply entrenched in the sideways consolidation first created during the summer months, any recovery will require a break and hold above the $73 per barrel price point. However, given the recent sell off and failure at the $82 per barrel level a further move lower seems more likely with the $66 per barrel floor of the recent consolidation channel rapidly coming into view. A break below here opens the way to a re-test of the potential support at $60 per barrel.
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