Home » Daily Oil Prices » Daily Oil Prices – WTI Oil Price Chart 8th May 2009

Daily Oil Prices – WTI Oil Price Chart 8th May 2009

WTI Daily Spot Oil Price Chart - Crude Oil 8th May 2009

Crude oil prices enjoyed a lively day initially moving up sharply on the back of a weaker US dollar which followed the ECB interest rate decision and subsequent press conference touching an intra day high of $58.57 but fell back once equity markets stalled.  All this nervous price action left us with an extremely interesting day on the daily WTI oil price chart with a strongly bearish signal of a shooting star sitting atop a short term rally and closing the day marginally higher at $56.45, 15 cents on the day.  With a long upper shadow and a traditional shooting star configuration one would normally expect to see a short term reversal from such a candle.  However, indicative of the current oil trading climate the market perversely has in fact opened gapped up and oil prices are continuing to rise in early trading and seem determined to push on to the $60 per barrel price point.   Whilst technical analysis is more of an art than a science it does seem that in the crude oil market at present neither the fundamental nor technical perspective is influencing oil prices, which almost seem to be trading in a “bubble” driven by an optimism that oil demand will increase in due course and which will co-incide with further production cuts from OPEC driving prices yet higher.  This mood seems to be prevalent across many commodities.

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

WTI:

Support:    $55.42 (yesterday’s low)                              Resistance: $59.65 (high of 13/11/08)

Support:    $54.72 (low of 17/11/08)                              Resistance: $58.85 (high of 14/11/08)

Support:    $53.59 (low of 06/05/09)                              Resistance: $58.57 (yesterday’s high)

OIL (BRENT):

Support:    $55.43 (yesterday’s low)                              Resistance: $59.43 (high of 07/11/08)

Support:    $53.86 (low of 06/05/09)                              Resistance: $58.59 (high of 11/11/08)

Support:    $53.42 (low of 14/11/08)                              Resistance: $58.22 (yesterday’s high)