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Oil market technical update 21/08/2012

Published Tuesday, August 21st, 2012

Massive resistances that need to be closed above tonight to paint a bullish technical picture for tomorrow:


WTI:         96.73 (200-day continuation M/A) and 97.49 (200-day contract M/A).

Brent:    115.40 (recent high on the October contract), 115.50 (gap on the continuation chart after September expiry).

Heat:     312.74 (recent high on the September contract).

RBOB:   309.43 (recent high on the September contract).

Gasoil: 987.00 (recent high on the September contract).

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.