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Daily Oil Prices 29 July 2010

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WTI Oil Chart 29 July 2010

An interesting day for WTI crude oil prices yesterday, and following Tuesday’s sharp sell off, ended the oil trading session with a long legged doji candle, suggesting that we may see a bounce in crude oil prices over the next few days.  Having failed to follow through on the sell off, yesterday’s low found strong support from the 40 day moving average which helped to prevent crude oil break the $76 per barrel price handle and the complex eventually closed marginally above $77 per barrel. Given the strength of this signal we can expect to see crude oil rally and subsequently climb above both the 9, 14 and 200 day moving averages shortly and thereafter push on to re-test the high of the last few days at $79.77.  Once this area has been broken then crude oil should continue its recent upwards momentum, breaking out above this level, as we begin to test the underside of potential resistance at $81.70 and beyond.

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