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Daily Oil Prices 7th June 2010

Daily oil prices continue to trade in a volatile manner last week as the WTI contract trends in the channel between $76 per barrel to the upside and $79 per barrel to the downside.  Friday’s wide spread down candle pushed oil prices below all four moving averages once again but this apparent momentum has been reversed in today’s early trading session.  However, we now have an interim short term top in place at $75.42 which clearly defines the upper level for any short term recovery.  The deep hammer candle of two week’s ago remains firmly evident on the daily oil chart and provided this signal continues to hold sway then we should expect to see oil prices rally in due course.  The initial target is a break and hold above $75.42 followed by a move towards $78 per barrel which would then clear both the 200 and 40 day moving averages as we begin to move into the deep congestion area around $80 and beyond.

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