Daily Spot Oil Prices - WTI Crude Oil Price Chart 26th June 2009
The strong rebound in crude oil prices yesterday has been attributed to a variety of reasons, the main being problems in Nigeria where militant attacks on pipelines has led to the loss of 33k barrels of crude oil per day and the Italian Oil Company Eni to invoke “force majeur”. In addition the attacks have also closed down 2 refineries thereby giving some support to daily oil prices which ended the day $1.88 higher to settle at $70.36. From a technical perspective the key to the medium term for crude oil prices will be the strong resistance now in place at the $72.20 price point where we have seen 5 failed attempts to clear this region in June already. Indeed daily oil prices reached a yearly high on 11th June when they touched $73.23. Yesterday’s candle provided a degree of momentum in closing in on these targets once again with the close of the day finishing above both the 9 and 14 day moving averages, and indeed this momentum has rolled through into this morning early oil trading session. In order to achieve our medium term target of $75 per barrel we will need to see a break and hold above the price points outlined above coupled with the 9 day crossing back above the 14 day moving average and with strong support from both these averages on an inter day basis. Should these factors combine then technically there is no reason to suppose the bullish trend be reinstated in the short to medium term following the extended sideways consolidation of June.
The short term trend is sideways, the medium term trend is bullish while the long term trend is b
WTI:
Support: $68.34 (yesterday’s low) Resistance: $72.15 (high of 15/06/09)
Support: $66.67 (low of 22/06/09) Resistance: $71.74 (high of 17/06/09)
Support: $66.26 (low of 23/06/09) Resistance: $70.92 (yesterday’s high)
OIL (BRENT):
Support: $68.05 (yesterday’s low) Resistance: $71.96 (high of 19/06/09)
Support: $67.58 (low of 24/06/09) Resistance: $71.12 (high of 17/06/09)
Support: $66.12 (low of 22/06/09) Resistance: $70.51 (yesterday’s high)
