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Daily Oil Prices 6 Sep 2010

Daily oil prices continue to remain waterlogged between the $72 per barrel and $76 per barrel price area where we have remained largely for the last 2 to 3 weeks.  The bullish momentum of Wednesday and Thursday of last week appears to have run out...

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Daily Oil Prices 2 Sep 2010

Daily oil prices extended their recent upwards momentum in today’s oil trading session with the WTI contract hitting the $75 per barrel price handle.  Having rallied yesterday by almost $2 per barrel the closing price still failed to breach the 14 day moving average which...

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Daily Oil Prices 1 Sep 2010

The weekly chart for daily oil prices and the WTI crude oil contract in particular, provides an interesting perspective on the current state of the oil market.  The relentless sideways consolidation for crude oil appears to show no sign of reaching a conclusion continued last...

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Daily Oil Prices 24 Aug 2010

Daily oil prices moved lower once again in the oil trading session today, pushing below the $72 per barrel level to trade at time of writing at $71.67 and further extend the bearish trend of August.  With oil prices having extended losses for a fifth...

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Daily Oil Prices 23 Aug 2010

Daily oil prices continued lower once again on Friday following a week of sideways price action which hinted at such a move.  Friday’s candle on the WTI contract broke below the $74.30 price point which could have provided a modicum of support but which in...

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Daily Oil Prices 10 Aug 2010

Yesterday’s inside day candle hinted at a possible reversal in daily oil prices which today ended as a wide spread down bar albeit with a long shadow to the base of the candle which managed to push the WTI contract back to the $80 per...

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Daily Oil Prices 9 Aug 2010

Friday’s price action in the wti oil contract ended with a wide spread down with wicks to both the top and bottom of the candle and brought to a temporary halt the recent breakout in daily oil prices and only the 9 day moving average...

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Daily Oil Prices 4 Aug 2010

Following the breakout on Monday from the pennant pattern, crude oil prices continued their upwards momentum ending yesterday’s oil trading session with a second, and subsequent, wide spread up candle which closed at $82.46 per barrel for the WTI crude oil contract.  This price level...

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Daily Oil Prices 3 Aug 2010

A seminal day for oil traders yesterday with daily oil prices on the WTI futures chart finally breaking out of their three month malaise and ending the trading session sharply higher with a wide spread up candle.  The importance of this signal cannot be underestimated...

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Daily Oil Prices – WTI Contract 22 July 2010

The WTI crude oil contract continues to trade sideways in a narrow range with yesterday’s relatively narrow spread down candle finding support from the 9 day moving average. The longer this price action continues then the more defined the pennant pattern becomes and with each...

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