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Technical update on the oil market 20/09/2012

Published Thursday, September 20th, 2012

With the oil market having lost 7-8% of its value this week some important support levels are being approached. These are mostly long-term moving average support. If they were closed below 2-3 consecutive days then it is fair to say that the energy complex will have entered into a new downtrend. On the other hand, if they hold this week then the price fall we have experienced so far this week will likely turn out to be a mega bear-trap and the test of the recent highs can be expected next week.

Thes supports are as follows:

WTI: 90.72, the 100-day continuation M/A

Brent: 106.41, the 100-day continuation M/A

Heating Oil: 300.21, the 200-day continuation M/A

RBOB: 276.25, continuation low on August 1

Gasoil: 951.00, the 200-day continuation 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.