Overview:

The financial markets provided only limited guidance yesterday as both currency and equities appeared to be waiting further news from the two day Fed meeting set to begin today. Consequently the energy complex displayed the same lack of real price action and crude especially showed a rather quiet day. Friday's price action was probably a better indication that crude opted to follow the strengthening in the greenback rather than a rally in stocks and as mentioned before this is set to continue.

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9 day moving average - $70.52 14 day moving average - $69.09 40 day moving average - $66.87

Technical Report:

Crude remained on a path of consolidation yesterday, well within the last week's trading range of $69.71 - $72.88, finishing the day 14 cents higher at $70.69. Swings above the opening price proved short-lived attracting additional sellers which effectively put a cap on further advances. Respectively on the downside, the 9 day moving average provided a good support level so overall the bulls vs bears clash ended undecided.

The short and long term trends are bearish while the medium term trend is bullish.

WTI:

Support: $70.08 (yesterday's low) Resistance: $72.88(high of 07/08/09)

Support:$69.72 (low of 05/08/09) Resistance: $72.11(high of 05/08/09)

Support:$69.35 (low of 03/08/09) Resistance: $71.57(yesterday's high)

OIL (BRENT):

Support: $73.04 (yesterday's low) Resistance: $75.55 (high of 07/08/09)

Support:$72.24 (low of 04/08/09) Resistance: $74.89 (high of 04/08/09)

Support:$71.67 (low of 03/08/09) Resistance: $74.26 (yesterday's high)