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Daily Oil Prices 16 Aug 2010

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WTI Oil Chart 16 Aug 2010

The WTI crude oil contract continued lower on Friday having broken below the 40 day moving average and further confirming the short term bearish sentiment which had been evident throughout the week.  Once again daily oil prices failed to breach the $82.97, an area which has previously proved to be a barrier to the development of any upwards trend with reversals both in early 2010 and late 2009 from this price region.  The key price target to the upside continues to remain $87.14 where there is an established and well defined area of price resistance and for a longer term trend to develop we need to see this area breached and some clear water below for longer term trend trading.  In the short term with daily oil prices now below all 4 moving averages any recovery will need to breach the 40 and 200 day moving averages followed by a break and hold above the sustained price congestion with an upper level at $79.95.  Should this price be attained then this will coincide with a hold above all four moving averages once again and no doubt see a further attempt to break above $82 and beyond in due course.  The longer term outlook for daily oil prices still remains firmly bullish with a $100 per barrel and beyond likely to be seen by the end of 2010.  With such a sharp sell off last week expect to see a bounce higher at some point during the oil trading week.

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Oil price weighed down by OPEC and IEA caution