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Daily Oil Prices 26 Aug 2010

daily oil prices

WTI Oil Chart 26 Aug 2010

Daily oil prices bounced higher yesterday having initially reacted negatively the the bigger than expected build at Curshing.  This positive sentiment has carried over into this morning oil trading session but, from a technical perspective the move higher is not indicative of any longer term reversal in the fortunes of daily oil prices which is trading at $73.39 at time of writing and fast running into resistance from the 9 day moving average.  With both the 9 and 14 day averages still pointing sharply lower and adding their own pressure to an already weak picture, daily oil prices will also have to contend with the 40 day which too is turning bearish. Having broken below the underside of potential support at the $73.50 per barrel price point, any recovery higher will first have to break and hold above this price level, breaking the 9 day moving average in the process.  Whilst the current bounce could develop into a stronger move higher it seems unlikely at present and any break below $70.86 will signal the resumption of the recent bear trend.
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