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Daily Oil Price Analysis 30 July 2010

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Following Wednesday’s long leg doji candle which gave us a strong oil trading signal, this was subsequently validated in yesterday’s oil trading session with the WTI contract breaking higher and closing marginally above all four moving averages once again.  The key to any longer term trend remains the upper level of the pennant formation now established at $79.77 per barrel with a neat wedge below.  The breakout, when it comes, should be to the upside given the series of higher lows of the last few weeks and any hold above $80 per barrel and beyond should provide a clear signal to this effect.  For any longer term trend to develop in the commodity we need to see a break and hold above $87.13 where recent rallies have failed both in early April and early May but once clear of this level we should see the longer term bull trend re-established once again.

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