Oil Prices - Oil Price Chart 30th September 2009
A day of dithering and indecision for oil prices, which once again traded in a relatively narrow range, ending the day marginally lower with a narrow spread down candle and a small wick to the lower body. Whilst I suggested that we could see a small reversal higher following the long legged doji candle of Friday, yesterday’s price action has once again confirmed that there remains some bullish sentiment in the crude oil market represented by the lower wick of yesterday’s candle. However, any longer term move higher seems doomed to failure, as the oil price chart is now increasingly bearish following the break below the $68 per barrel price level, which initially signalled the end of the sideways consolidation and the three month trading channel. To breach this major price congestion will now take considerable force, and with all three moving averages now weighing heavily on the daily oil price chart, oil prices look set to fall in the short term, possibly to retest support in the $59 per barrel price level initially. Overall the WTI oil price closed the session at $66.71 having opened at $67.11 and reached a high of $67.33 and low of $65.82. WTI oil contracts traded: 226k +. Brent closed its session at $65.49 having opened at $65.93 and reached a high of $66.00 & low of $64.66. Brent oil contract traded: 106k+
The short term outlook for oil prices is bearish, the medium term is sideways and the long term is bullish.
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Support: 64.87 Resistance: 67.53
Support: 62.89 Resistance: 63.98
Support: 59.87 Resistance: 62.34
Hello,
I’m new arround here and I’m trying to understand the support and resistance levels you propose.
I do understand the support levels since they are lower than the closing market price. First support at 64.87; once breaked, the second will apear in 62.89 and the third in 59.87.
Following this logical the first resistance is above the close price at 67.53 and I thought the second and third should be above the first. Could you help me with this? I imagine I’m missing something.
Thank you very much and sorry for english eventual misspelling.
Jorge Brandao
Portugal