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Daily Oil Prices 4 Aug 2010

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WTI Oil Chart 4 Aug 2010

Following the breakout on Monday from the pennant pattern, crude oil prices continued their upwards momentum ending yesterday’s oil trading session with a second, and subsequent, wide spread up candle which closed at $82.46 per barrel for the WTI crude oil contract.  This price level is now pushing deep into the price congestion in this area and for the current breakout to be maintained we now need to see a push higher with crude oil breaking above the upper level of this price congestion at $86.99.  The bullish momentum is further confirmed by both the 9 and 14 day moving averages which have crossed above the 200 day moving average and should the 40 day moving average subsequently follow suit then expect WTI prices to be propelled higher as a result.  A break above $87 per barrel will further confirm the move which should then lead the way open for an approach to a $100 per barrel in the medium term.

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