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WTI Crude Oil Chart 16 July 2010

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Over the past few weeks oil trading has become extremely tricky as the broader market tries to establish whether the global economy is recovering or likely to tumble back into recession and evidence of this uncertainty can be seen in the monthly WTI crude oil chart which provides little in the way of trading signals or clear direction for the future trend. Last month’s doji candle suggested indecision and a lack of direction, which continues to be the case so far in oil trading this month. ¬†For a longer term trend to develop the key price remains $87.14 per barrel and once this has been breached on the monthly chart, coupled with a hold above all three moving averages, then perhaps we may see the start of a firm bullish trend as a result. ¬†Until expect further sideways price action and uncertainty.

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