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Daily Oil Prices 24 Aug 2010

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WTI Oil Chart 24 Aug 2010

Daily oil prices moved lower once again in the oil trading session today, pushing below the $72 per barrel level to trade at time of writing at $71.67 and further extend the bearish trend of August.  With oil prices having extended losses for a fifth consecutive day, negative sentiment towards crude oil is now extremely high and this is further confirmed by the 14 day moving average which has crossed below the 40 day moving average for a further bear cross signal on the daily WTI oil chart.  The issue now is whether this trend is likely to extend further or indeed reverse from the previous low of this particular trading channel at $68.86.  Should this strong platform fail to hold then expect to see daily oil prices move sharply lower once again, initially to re-test the $65.05 per barrel price point, followed by a breach of the $60 per barrel and, thereafter, a re-test of $58.32.  The current downwards trend is merely a validation of the bearish engulfing signal that we highlighted two weeks ago on the weekly crude oil chart.

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