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FX Latest
| Crude Oil: Friday 24 July |
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| Written by Gary Howes | |
| Friday, 24 July 2009 11:29 | |
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"Crude made further gains yesterday after some better than estimated earnings." Marius Paun at ODL Capital comments on the latest crude oil prices: "Crude oil made further gains yesterday after some better than estimated earnings and homes resales more than forecast from the U.S seeing the Dow break and hold the 9000 level for the first time since January. Oil's correlation with stocks has increased as traders searched for further clues to outlook of fuel demand. Not to be ignored or smoke screened by the recent rally in equities there are still weak fundamentals with gasoline and distillate inventories increasing for a sixth week enhancing the risk of a price correction seen at the start of July." 9 day moving average - $ 63.92 14 day moving average - $ 62.71 40 day moving average - $66.92 The short and medium term trend is sideways, long term trend remains bearish. WTI: Support: $65.48 (low of 03/07/09) Resistance: $70.21 (high of 22/06/09) Support: $64.96 (low of 03/06/09) Resistance: $69.04 ( high of 02/06/09) Support: $64.38 (low of 23/07/09) Resistance: $68.68 ( high of 01/06/09 ) OIL (BRENT): Support: $68.40 (low of 30/06/09) Resistance: $70.81 (high of 26/06/09) Support: $68.08 (low of 0 1/07/09) Resistance: $70.51 (high of 25/06/09) Support: $67.58 (low of 24/06/09) Resistance: $70.06 (high of 09/06/09) 
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| Last Updated ( Friday, 24 July 2009 11:32 ) |
