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Daily Oil Prices 28 July 2010

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WTI Chart 28 July 2010

The effect of a weaker US dollar still does not appear to be influencing daily oil prices as evidenced by yesterday’s wide spread down candle which failed to continue to add further to last week’s upwards momentum.  $80 per barrel now appears to be a stumbling block and to date we have seen three recent rallies fail at this price handle, which is clearly becoming a key technical area.  However, the low of yesterday’s oil trading session did at least find support from the 14 day moving average which suggests that the recent upwards momentum still remains in play and, as such, we need to wait for a further run and clear break above the $80 per barrel price point in due course which would then signal a continuation of the recent bullish trend.  Once clear of this region expect to see the WTI oil contract push onto $80 where it will meet stubborn price congestion which extends to $87.14 per barrel.  Any break at this level would signal a clear, longer term bullish trend for the commodity.

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