Daily Oil Prices - Crude Oil Price Chart WTI 6th July 2009
Friday’s candle on the daily oil chart was significant for one reason, and one reason only, in that the close of the day finished below the 40 day moving average suggesting that the oil bears are now firmly in control of the oil market and the rally of the last 2 months has now stalled completely. Whilst the decline in daily oil prices may have been exacerbated by any pre holiday squaring even the weekly oil chart would suggest that we have reached an interim pause point in the rally of late with weekly candle closing with a deep upper shadow suggestive of a bearish tone. However, it is important to note that Friday’s close did find some support at the 9 week moving average which may prove significant in due course. From a technical perspective Friday saw crude oil prices fall for a 4th straight day, dropping a further 54 cents to settle at $65.81 per barrel having seen an inter day low of $65.48, last seen on June 3rd. With oil prices now having closed below the 40 day moving average and broken the $66.26 to $73.35 sideways consolidation of the past 4 weeks daily oil prices do indeed appear to be on a downward slide in the short term.
The short term bearish, medium term sideways and the long term bullish.
WTI:
Support: $65.48 (Friday’s low) Resistance: $69.60 (high of 04/06/09)
Support: $64.74 (low of 29/05/09) Resistance: $68.68 (high of 01/06/09)
Support: $62.77 (low of 28/05/09) Resistance: $67.15 (Friday’s high)
OIL (BRENT):
Support: $65.25 (Friday’s low) Resistance: $68.65 (high of 03/06/09)
Support: $64.91 (low of 03/06/09) Resistance: $68.03 (high of 01/06/09)
Support: $63.96 (low of 29/05/09) Resistance: $67.13 (Friday’s high)
