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Daily Oil Prices – WTI Oil Future Price 4th May 2009

Daily Oil Prices WTI Oil Price Chart - 4th May 2009

Crude oil prices moved sharply higher on Friday, in line with my own bullish view, gaining $1.89 or 4% with the rally even reaching an intra day high of $53.64, a price not seen since 3rd April.  Friday’s move in daily oil prices seemed generally unaffected by either the thin volumes, because of the May Day holiday, or the bearish fundamentals across the energy complex but rather appeared to be taking their cue from recent stock market rallies and improved investor sentiment.

From a technical perspective crude oil prices will now be looking to target this year’s high of $54.75, the upper limit of the recent trading range, and if achieved this could precipitate a sustained move above this consolidation region back to attack the $60 per barrel price mark, last seen in November 2008.  My trading suggestion for today, thin volumes notwithstanding, is to continue to look for small long positions trading oil on an intra day basis using tight stop losses and taking any profits as quickly as possible.

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

WTI:

Support:    $50.44 (Friday’s low)                                 Resistance: $54.75 (high of 26/03/09)

Support:    $50.10 (14 day moving average)                        Resistance: $53.83 (high of 03/04/09)

Support:    $49.82 (40 day moving average)                        Resistance: $53.64 (Friday’s high)

OIL (BRENT):

Support:    $49.96 (Friday’s low)                                 Resistance: $54.27 (high of 09/04/09)

Support:    $49.25 (low of 29/04/09)                              Resistance: $53.97 (high of 17/04/09)

Support:    $48.40 (low of 27/04/09)                              Resistance: $53.05 (Friday’s high)