Published on Wed, 1/07/09 | Daily Oil Prices

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<< Daily Oil Prices - WTI Crude Oil Price Chart 30th June 2009  Daily Oil Price - WTI Crude Oil Price Chart 2nd July 2009 >>

Yesterday’s dramatic trading in the oil market saw the price of crude oil achieve a fresh high for 2009 when daily oil prices achieved $73.35 per barrel.  However, on touching this price point oil prices promptly reversed on a bout of violent profit taking which at one point saw the price of a barrel of oil fall back below $70 per barrel, and at one stage even reached an intra day low of $68.91.  In addition, month and quarter end liquidations and position squaring all contributed to this price volatility which even the Nigerian supply issues could not counterbalance.   Overall crude prices settled $1.45 lower at $70.30.   With the start of the new month and quarter the oil market is now focused on today’s EIA stats as well as tomorrow’s US Employment Data which may give oil traders a clue for the next direction in the price of crude.  From a technical perspective yesterday’s candle reflected the torrid trading session closing the day with a small body and deep shadows to both top and bottom.  The key technical points to note from yesterday’s oil trading are as follows – firstly that the close of the day found support at the 14 day moving average which is an encouraging sign for the bulls, and secondly the high of the day failed, once again, to hold beyond the $73 per barrel price point, the fourth failure at this level during June, which is a worrying sign. All in all a conflicting picture which will almost certainly be resolved over the coming oil trading sessions.  For any move higher we need to see a hold above $73.50 on the daily oil chart but should we see a break back below the strong support now in place in the $69 per barrel region and below then we could see a temporary and even deeper move in the short term.

The short term trend is sideways the medium term trend is bullish while the long term trend is bullish.

WTI:

Support:    $68.91 (yesterday’s low)                              Resistance: $73.23 (high of 11/06/09)

Support:    $68.07 (low of 24/06/09)                              Resistance: $72.78 (high of 16/06/09)

Support:    $66.67 (low of 22/06/09)                              Resistance: $72.15 (high of 15/06/09)

OIL (BRENT):

Support:    $68.40 (yesterday’s low)                              Resistance: $72.40 (high of 16/06/09)

Support:    $68.05 (low of 25/06/09)                              Resistance: $71.96 (high of 19/06/09)

Support:    $67.58 (low of 24/06/09)                              Resistance: $71.42 (high of 29/06/09)

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