WTI Crude Oil Prices - Daily Oil Chart 5th January 2010
The continued surge in daily oil prices shows no sign of slowing down just yet with another strong performance today as WTI crude oil broke above the $82 per barrel price level and at the same time cleared the top of the potential resistance in place at this level, suggesting that the strong bullish sentiment remains firmly in place. The sharp reversal in crude oil prices from the low of December 14th has been both dramatic and forceful, and with all three moving averages now pointing firmly higher, there is little to suggest that this move will falter in the short term. Indeed with today’s breach of the potential resistance in the $82 per barrel region, our short term target of $85 per barrel seems likely to be achieved sooner rather than later. This technically bullish picture is also mirrored in the weekly chart with the breakout above the recent long period of consolidation, and only a plunge lower back in to this area of price congestion is likely to halt to march higher for daily oil prices in the medium term.
What is the best oil trading platform? In my view it is Metatrader 4. so why not download your free demo copy of the metatrader 4 software by clicking on the following link, download metatrader free, and get started today.
Leave a Reply