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Daily Oil Prices 23 Aug 2010

daily oil prices

WTI Oil Chart 23 Aug 2010

Daily oil prices continued lower once again on Friday following a week of sideways price action which hinted at such a move.  Friday’s candle on the WTI contract broke below the $74.30 price point which could have provided a modicum of support but which in fact failed to hold suggesting that we may see further moves to the downside over the next few days as a result.  This is further confirmed on the daily oil chart by the 14 day moving average which has crossed below the 200 day average and with the 9 day moving average now pointing sharply lower this is adding further negative pressure to daily oil prices.  For a reversal in crude oil we need to see a support platform established and the next of these appears to be in the $71.46 price region, somewhere below the current price of $74.29.  Whilst the longer term outlook still remains bullish the short term is currently bearish and for any reversal in this trend we need to see a clear trading signal which has yet to appear on the daily oil chart.

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