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Daily Oil Prices – WTI Oil Price Chart 1st May 2009

Daily Oil Prices - Current Oil Prices 1st May 2009

Crude oil prices yesterday mirrored the ebb and flow of equity markets as daily oil prices initially climbed with stock markets but then fell back in tandem as stocks failed to hold onto early gains.  The price of oil was also dented by some Dollar strength which emerged later in the day.  However, underlying crude’s price action is the oil market’s determination to discount the bearish fundamentals to continue drifting sideways with an upwards bias, supported by all three moving averages which are now tightly intertwined.

Technically crude oil achieved a high yesterday of $51.92 but the rally ran out of steam and consequently we saw oil giving up some of its early gains, to close the day marginally above the $50 per barrel price point, leaving us with a narrow spread doji candle.  Overall crude oil prices, advanced a mere 16 cents and appears to be on course for our next upside target at $52.44 last seen on April 9th.  My trading suggestion for today is to stand aside as many markets will be closed for the May Day holiday and trading volumes will, as a consequence, be very thin and price action erratic.

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

WTI:

Support:    $50.21 (yesterday’s low)                              Resistance: $52.87 (high of 02/04/09)

Support:    $50.04 (9 day moving average)                         Resistance: $52.44 (high of 09/04/09)

Support:    $49.65 (14 day moving average)                        Resistance: $51.92 (yesterday’s high)

OIL (BRENT):

Support:    $50.00 (yesterday’s low)                              Resistance: $53.06 (high of 02/04/09)

Support:    $49.25 (low of 29/04/09)                              Resistance: $52.09 (high of 24/04/09)

Support:    $48.40 (low of 27/04/09)                              Resistance: $51.39 (yesterday’s high)