Daily Oil Price Chart - WTI Daily Oil Prices 16th June 2009
Yesterday’s rebound in the US dollar following supportive statements from both Japan and Russia gave us the first significant pullback in crude oil prices which saw the price of oil end the day with a $1.85 loss, ending the day at $70.30. However, oil traders and investors should not feel unduly worried given the current geopolitical tensions in both Iran and Nigeria which should they continue should help to maintain daily oil prices. As I mentioned in yesterday’s commentary financial markets should not under-estimate the strength and influence of the BRIC economies which are not suffering as much as those of the West and who have already agreed a number of bi-lateral agreements for payment of various commodities, including oil. Whether this will ever translate into an alternative for the US dollar remains to be seen although the Russians have already highlighted the possibility of a “supranational” currency. From a technical perspective yesterday’s wide spread down bar found good support from the 9 day moving average which once again suggests that this reversal in oil prices may only be a temporary one, and indeed in this morning’s early trading we have seen yesterday’s loss promptly reversed and oil prices once again surging higher. Indeed as we can see from the daily oil price chart the current bullish trend remains firmly intact as we now target the $75 per barrel price point outlined last week.
The short and medium term trends are bullish and the long term trend is bullish.
WTI:
Support: $69.49 (yesterday’s low) Resistance: $73.23 (high of 11/06/09)
Support: $68.44 (low of 09/06/09) Resistance: $72.60 (high of 12/06/09)
Support: $67.50 (low of 05/06/09) Resistance: $72.15 (yesterday’s high)
OIL (BRENT):
Support: $68.56 (yesterday’s low) Resistance: $72.27 (high of 11/06/09)
Support: $68.24 (low of 09/06/09) Resistance: $71.64 (high of 12/06/09)
Support: $67.35 (low of 05/06/09) Resistance: $70.93 (yesterday’s high)
keep up the great commentary – we are listening
thank you,
m
Hi Martin
Many thanks for your kind comments which are much appreciated – hope you continue to read and enjoy the daily commentary and I will be adding other commodities in due course – all best wishes and many thanks once again, and good luck with your oil trading – Anna