Daily Oil Prices 11 Nov 2009
With the US markets closed yesterday for a national holiday, the oil market ( along with many others ) drifted sideways during the trading session, closing the day with a small doji cross, which once again ended perched neatly on the bunched 9 and 14 day moving averages below. The only point of interest from yesterday’s oil trading session is that the low of the day was higher once again than the previous four days, suggesting that the bulls are prepared to enter the market at ever higher prices, suggesting that when the break does come from this area of consolidation, it will be to the up side, a view currently reinforced by the 40 day moving average which continues to point higher, along with the inside day candle of Tuesday. For the time being, however, we need to wait for a break and hold above the $82.50 per barrel level for this to be confirmed, before seeing a sustained move higher, with an initial target of $85 per barrel in the medium term. Overall the WTI oil price closed at $79.28 having opened at $80.00 and traded between a high of $80.10 and low of $78.57. Brent closed its session at $77.95 having opened at $77.70 and traded between a high of $78.62 and low of $77.07. Oil futures contracts traded 276k+ & 129k+ respectively.
Support & Resistance for WTI
S1: 78.53 R1: 80.06
S2: 77.78 R2: 80.84
S3: 77.00 R3: 81.59
Support & Resistance for Brent
S1: 77.14 R1: 78.69
S2: 76.33 R2: 79.43
S3: 75.59 R3: 80.24
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