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Daily Oil Prices – WTI Crude Oil Trading 27th April 2009

Daily WTI Oil Prices Chart - 27th April 2009

Despite a slew of bearish fundamentals crude oil prices seem determined to remain optimistic and focus on any glimmer of positive economic data, such as the better than expected March durable good orders which on Friday came in better than expected.  The oil price was given an extra fillip by a weaker dollar, equity markets determined to hold onto recent gains and a preliminary OPEC report suggesting that  the cartel did not expect to cut production at its May 28th meeting but simply continue to enforce the cuts already agreed.  However, oil traders and investors must surely begin to question just how long this disconnect can continue.

From a technical perspective the price of crude oil closed last week by surging $2 to settle at $51.55, which built on Thursday’s gains, with crude oil prices closing ahead of the weekend with a bullish tone, surging 2 dollars to settle at $51.55, the highest level since April 9th, and breaking above all three moving averages. Breaching and holding above the short term moving averages has now provided us with a bullish signal and has opened the way for the next upside target at $52.44 to be approached in the next few days. However, given the strange chart candle patterns last week, and the formation of a pennant pattern in the daily chart, we need to be cautious in our trading, and we may well see some further sideways consolidation in the price of oil, before any sustained move higher. The key to any continued bullish move will be whether the price of oil can break above and hold at the $54 per barrel price point.

The short and medium term trends are sideways, the long term trend is bearish.


Support:    $49.06 (Friday’s low)                                 Resistance: $52.87 (high of 02/04/09)

Support:    $48.38 (low of 23/04/09)                              Resistance: $52.44 (high of 09/04/09)

Support:    $47.73 (low of 22/04/09)                              Resistance: $51.75 (Friday’s high)


Support:    $49.50 (Friday’s low)                                 Resistance: $53.59 (high of 08/04/09)

Support:    $48.85 (low of 22/04/09)                              Resistance: $53.18 (high of 07/04/09)

Support:    $47.47 (low of 31/03/09)                              Resistance: $52.09 (Friday’s high)