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Oil market technicals 25/10/2012

Published Thursday, October 25th, 2012

Oil market technicals: with the exception of WTI every contract held crucial supports yesterday. These supports are as follows

100-day M/A on Brent at 107.58, 200-day M/A on Heat at 302.75, 61.8% c/p of recent uptrend on RBOB at 258.72 and the 200-day M/A on Gasoil at 257.25

WTI   closed below its 61.8% c/p of the recent uptrend at 86.12 but it will not be   able to bring the whole complex down unless the others join in

 

Conclusion: there is a   real chance to see an upside correction and the test of the 5 and 8-day M/As.   They are 87.60/89.45 WTI, 108.86/110.50 Brent, 307.05/311.59 Heat,   263.49/269.33 RBOB and 969.75/980.75 Gasoil.

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.