Crude Oil Chart 1 Dec 2009
Crude oil prices moved higher once again yesterday, but with little conviction, ending the oil trading session with a narrow spread up candle, and with a deep upper wick to the upper body, suggesting that any bullish sentiment continues to remain weak in the current area of price congestion. Whilst last week’s deep hammer candle is producing a small rally, this is far from the ‘surge’ one would normally expect from such a strong signal, and therefore we need to be cautious in trading the long side at present, with only a break and hold above the $82.50 price region giving us a firm signal that the bullish trend has been reestablished once again. Should this occur in due course, then the price action of the last few months should provide the necessary platform for a sustained move towards our initial target of $85 per barrel in due course. Overall WTI closed the oil trading session at 78.37 having opened at 78.50 and traded between a high of 79.04 and low of 77.01. Brent closed its session at 79.35 having opened at 78.42 and traded between a high of 79.91 and low of 78.25. Oil futures traded 290k+ & 142k+ respectively.
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Support & Resistance for WTI
S1: 77.24 R1: 79.27
S2: 76.11 R2: 80.17
S3: 75.21 R3: 81.30
Support & Resistance for Brent
S1: 778.43 R1: 80.09
S2: 77.51 R2: 80.83
S3: 76.77 R3: 81.75
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