Oil Trading News – 1st October 2008

Along with markets across the whole spectrum, oil is currently experiencing extreme price volatility. Although moves of this magnitude may seem totally chaotic the market is holding technical patterns relatively well. The flag breakout which occurred on Monday at $99.50 should act as resistance (although...

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Oil Trading Market News – 30/09/2008

After breaking out of the range mentioned yesterday at the $99.50 level the predicted large continuation occurred. This resulted in a huge $10 plus move from the highs (the second largest in history). The downside technical target is the bottom of the ‘flagpole’ which I...

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Oil Trading Update – 29/9/2008

Fridays ‘inside day’ did little to change the technical picture of the oil market with the ‘flag’ formation still in tact along with the bullish shape of the short term moving averages. It is worth noting that after Monday the whole week’s activity was restricted...

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Oil Trading News – 26th September 2008

Yesterday’s low was breached but the fundamental news pulled the market right back to the same levels we have been trading all week. The most bullish factor of yesterday’s activity is that the 9 day moving average did manage to cross above the 14 day....

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Oil Prices Daily Forecast – 25th Septmber 2008

We saw the second ‘Inside day’ on the trot yesterday which has developed into a ‘Pennant’ chart pattern. A Pennant pattern comprises of a ‘Flagpole’ which has a sideway move at the top where the daily ranges are increasingly smaller. This current flagpole is derived...

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Oil Prices Daily Update

We saw an ‘Inside day’ yesterday as the recent correction halted. This chart pattern implies that the corrective bounce has run out of steam for the present and the significant resistance mentioned yesterday appears to be weighing on prices. The 9 day moving average has...

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Oil Trading Prices Forecast

We saw a large range yesterday of nearly seven dollars as the bounce off the recent lows turns more into a formidable rally. The rise took us up through the strong downtrend line (strong because the line incorporated four points) and the next test for...

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Oil Trading Update – 22nd September 2008

The bounce off the double bottom from Monday and Tuesday last week continues. Friday’s range of over five dollars took prices up through both the 9 and 14 day moving averages. Initial resistance will be met at the downtrend line from the all time high...

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Oil Trading Update – 19/08/2008

Yesterday’s activity created another huge range of over $6 with oil eventually ending up just 35 cents on the day. From a technical point of view this activity shows that following a rapid fall there is plenty of room for a move to the previous...

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Trading Oil Update – September 18th 2008

After making fresh lows for the previous 10 consecutive days we saw a very large $6 bounce which was not totally unexpected. The real issue is whether oil can break higher, as the extent and speed of the drop gave an opportunity for the technical...

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