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Daily Oil Prices 18 Oct 2010

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WTI Oil Chart 18 Oct 2010

The WTI daily oil price chart continued to consolidate in a sideways range, moving between $80.76 to the downside and $84.1 to the upside before closing the oil trading session at $81.48 per barrel and perched on the 14 day moving average.  As such we are now once again trading a tricky area, waiting for the next leg up in the medium term trend which evident on the weekly chart which is exhibiting a mildly bullish feel, as oil prices continue to hold above all the four moving averages which are tightly bunched around the $78 per barrel region.  The key to any breakout for daily oil prices will be a move and hold above the $87.14 price high of early 2010 which is now a significant price resistance and only a move through this price point will trigger the inevitable breakout and surge higher to the $100 per barrel point and beyond.