Daily Oil Prices - WTI Oil Price Chart 19th June 2009
Yesterday was a quiet day for oil traders, as crude oil prices were contained within a very narrow range with the opening price and the closing price almost identical as oil prices ended the day 20 cents down to finish at $71.82 per barrel. Technically the price of oil once again found support on the 9 day moving average with the 14 day supporting the low of the session, all of which suggestive once again that the rally for oil has further to go, and indeed this has been confirmed in trading so far today with a gapped up open indicating further momentum. The key for today will be whether oil prices can breach the $72.60 per barrel price point which is now being approached as we have minor resistance at this level, and should the session finish above this level today then we could be well on target to achieve $75 per barrel in the next few days with full support from the 9 and 14 day moving averages. A caveat to this is that today is “triple witching” with options in all markets due to expire and with many traders squaring positions ahead of the weekend trading may be subdued.
The short and medium term trends are bullish and the long term trend is bullish.
WTI:
Support: $70.82 (yesterday’s low) Resistance: $73.42 (high of 16/06/09)
Support: $69.71 (low of 17/06/09) Resistance: $72.97 (high of 15/06/09)
Support: $68.40 (low of 05/06/09) Resistance: $72.31 (yesterday’s high)
OIL (BRENT):
Support: $69.80 (yesterday’s low) Resistance: $72.40 (high of 16/06/09)
Support: $69.02 (low of 17/06/09) Resistance: $71.64 (high of 12/06/09)
Support: $68.56 (low of 15/06/09) Resistance: $71.49 (yesterday’s high)
