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Oil Market Technicals

Published Wednesday, May 30th, 2012

Below are some massive, long-term supports on oil futures contracts, a close below which will be considered as very bearish from the technical point of view:

WTI: 88.55, 38.2% c/p of uptrend from 74.95 to 110.55. 88.44, 80% of this year’s high of 110.55.  A more than 20% drop is considered to be a downtrend.

Brent: 100-week M/A at 104.85 followed by 102.46/37, weekly lows in December 2011.

Heat: 276.01, 28.2% c/p of uptrend from 183.68 to 333.00.

RBOB: 282.74, 61.8% c/p of uptrend from 244.40 to 344.55.

Gasoil: 882.05, 38.2% c/p from uptrend from 585.75 to 1,064.50. 882.50, 100-week M/A.

Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.

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