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Daily Oil Prices 2 Aug 2010

daily oil prices for wti contract

Daily oil prices bounced back on Friday having initially tested the $76.81 per barrel price handle, closed the oil trading week as a narrow spread up bar, but back above all four moving averages once again.  As such this candle has given us a strong oil trading signal suggesting we are likely to see a break out from the recent pennant pattern shortly as we now look to move beyond $80 per barrel and above in due course.  Indeed in the early oil trading session the WTI crude oil contract is currently testing the underside of this level at $79.86 and should this bullish momentum continue with a hold above $80 and beyond then we can see that the breakout is complete with an associated bullish trend in development as a result.  Above this price level we have deep and sustained price congestion to overcome but should the breakout prove to be a catalyst for the start of this upwards move then expect to see a re-test of $87.14 per barrel in due course which would signal a further bullish breakout for the WTI daily oil price.

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