Home » Daily Oil Prices » Daily Oil Prices 7 Sep 2010

Daily Oil Prices 7 Sep 2010

daily oil prices

WTI Oil Chart 7 Sep 2010

Daily oil prices continue to hang on grimly to their recent short term gains whilst they struggle to hold at the 9 and 14 day moving averages.  Yesterday’s price action was muted to say the least and today has been little better, as the commodity trades between $74.62 to the upside and $72.63 to the downside.  This sideways price action is forming a potential pennant pattern around the $73.80 per barrel region which if developed further could signal yet another short break out for crude oil prices.  At this stage it is difficult to judge the direction with the lower level defined at $71.11 and any breakout to the upside must clear $76.13.  Not even the longer term charts can give us a clear technical picture at present, with the weekly chart in particular giving further evidence of the choppy price action which has characterised the WTI oil contract since May.  The key price levels remain $86.49 to the upside for a bullish breakout and $68.62 to the downside for any move lower.  Until one of these levels is firmly breached the final trend for daily oil prices remains questionable.