9 day moving average - $69.29 14 day moving average - $68.35 40 day moving average - $66.86
Oil wasunderpressure through most ofyesterdays trading session by a strengthening in the US dollar that developed despite lack of surprises out of the ECB policy meeting.Weakness in thestock markets also provided a minor bearishsentiment. However, a late session rally enabled rude to erase early losses towards the close. All in all,Oilappearedwell supported given the strengthening in theGreenback as well as some bearish overflow fromWednesday's bearish EIA stats. However, a much tougher test of the oil market's resiliency as an asset class will be today's release of the monthly employmentreport. Any renewed weakening in the dollar that could emanate from this jobless data should position the complex for a strong finish to this week in the process of setting the stage for some upside follow through early next week .
The short term trend isbullish, the mediumis sideways and longterm is bullish.
Support: $70.51(lowof10/06/09) Resistance: $72.78(high of16/06/09)
Support:$70.18(low of06/08/09) Resistance: $72.42(high of06/08/09)
Support:$69.72(low of05/08/09) Resistance: $72.11(high of05/08/09)
Support: $74.00(low of06/08/09) Resistance: $78.42 (highof17/10/08)
Support:$73.20(low of10/10/08)Resistance:$76.00 (high of06/08/09)
Support:$72.24(low of04/08/09)Resistance: $75.62(high of05/08/09)