Crude moved higher yesterday gaining $1.63 for the day with 9 and 40 day moving averages providing good support and resistance respectively. In an almost mirror image oil gained what actually gave back a day before but we notice that overnight the 9 and 14 day MA have crossed each other as if reluctantly trying to give a signal. More confirmation is needed so until then it's rather sideways.
The short term trend is sideways while the medium and long term trends are bearish.
WTI:
Support: $37.71 (yesterday's low) Resistance: $41.78 (high of 10/02/08)
Support: $37.53 (low of 20/02/09) Resistance: $41.50 (high of 23/02/09)
Support: $36.63 (low of 16/02/09) Resistance: $40.41 (40 day moving average)
OIL (BRENT):
Support: $40.43 (yesterday's low) Resistance: $44.00 (high of 17/02/09)
Support: $38.58 (low of 30/12/08) Resistance: $43.44 (14 day moving average)
Support: $36.20 (low of 24/12/08) Resistance: $42.60 (yesterday's high)
Gold: Gold lost almost $35 against the greenback yesterday touching the bids of $959.50 after reaching $1000 last Friday. All the charts continue to show further fall with immediate support coming in at $939 (21 Daily EMA). Initiate shorts around $960 -$ 964 for $10 - $12 gain. (Gold: $958.15)
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