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Oil Market Long-term Technical Downside Targets 08/06/2012

Published Friday, June 8th, 2012

With the energy complex down 20% from this year’s highs it is worth looking at the next long-term downside targets that are expected to be hit in the not so distant future. Basically, they are the 34-month moving averages and the 38.2% correction points of the uptrend we experienced from the end of 2008 to 2011-2012.

WTI: this is already below the 34-month M/A (88.54) and is also below the 38.2% c/p of the rally from 32.40 to 114.83 at 83.34. Next target monthly target is the 100-week M/A at 74.78 and the 50% c/p of the same uptrend at 73.61.

Brent: 34-month M/A is at 96.82, 38.2% c/p of the rally from 36.20 to 128.40 is at 93.18.

Heat: 34-month M/A is at 257.49, 38.2% c/p of the rally from 112.52 to 333.00 is at 248.78.

RBOB: 34-month M/A is at 252.51, 38.2% c/p of the rally from 78.50 to 348.00 is at 245.05.

Gasoil: 34-month M/A is at 810.75, 38.2% c/p of the rally from 351.50 to 1,064.50 is at 792.00

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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