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Daily Oil Prices 15 Sep 2010

oil trading wti oil contract

Daily oil prices continue to struggle to find some traction with the WTI contract in particular dropping back in today’s oil trading session towards the $75 per barrel price handle and 9 and 14 day moving averages.  From a technical perspective this fall is not unexpected given Monday and Tuesday’s shooting star candles giving us a clear bearish oil trading signal.  For a clue as where the WTI contract could be heading we could do worse than consider the December WTI futures contract which I have covered on my crude oil futures site where if the present pullback continues daily oil prices could be looking to re-test $73 or below in due course if the $75 price point fails to hold along with both the 9 and 14 day moving averages.

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