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Daily Oil Prices 19 Aug 2010

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WTI Oil Chart 19 Aug 2010

Yesterday’s hammer candle on the WTI daily chart has failed to deliver the expected bounce with daily oil prices stubbornly refusing to move higher but rather falling lower and on towards the $74 per barrel region.  This bearish picture is further evidenced by the 9 day moving average which crossed below the 40 day moving average during the oil trading session yesterday and in addition provided a strong barrier to the attempt to rise in today’s oil trading session.  With WTI oil prices now trading all four moving averages the short term outlook remains firmly bearish with a possible re-test of $71.11 per barrel likely in due course.  Whilst the longer term still remains bullish provided we see a break and hold above $82.97 and a subsequent breach of the price congestion from here and the $87.14 per barrel price zone.

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High stockpiles push oil prices below $75 per barrel