Crude Oil Chart 4 Jan 2010
A happy new year to all our oil traders as we look forward to the new trading year following an extremely interesting and volatile December, which saw daily oil prices first plunge to $69 a barrel only for them to reverse during the second half of the month and to close marginally below $80 a barrel, just before Christmas. With the long holiday now behind us the oil market is coming back to life with the bullish trend of the pre Christmas period now seemingly firmly established as we push higher in early morning trading moving strongly away from the $80 per barrel price point and back towards our initial target of $85 per barrel, which I believe should be achieved early in this first quarter. The moving averages have always reversed strongly with the 9 day pointing sharply higher and providing excellent support, coupled with the 14 day which is now crossing above the 40 giving us a bull cross signal. The key technical level for oil bulls is the $82 per barrel price handle which, if breached, will clear the way to our $85 per barrel target, and which now looks increasingly likely on the daily oil chart, having breached the strong consolidation between $76 and $80.
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Monthly Chart for WTI Oil Contract:
WTI Oil Chart 4 Jan 2010 (Monthly)
Monthly Support & Resistance for WTI Oil Contract:
S1: 70.07 R1: 83.45
S2: 64.65 R2: 87.41
S3: 60.69 R3: 94.83
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