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It is still recommended to adopt a wait-and-see attitude

Published Monday, March 17th, 2014

“Heat, RBOB and Gasoil all hit their targets lower – to 290.64 Heat; 291.85 RBOB and 890.00 Gasoil – and held on Thursday. This puts on hold the objectives lower on the crudes. These were to 97.28 WTI and 105.65 May Brent.” The quote above is from Friday’s report and it is still very much valid today. After Friday’s price action there is no target either way and it is recommended to be patient. Of course, on a close below the targets on products bears will re-gain control of the market and the objectives on the crude contracts will be green-lighted again.  To achieve this, however, some hard work is needed. WTI will have to close below the 50% correction point of the recent move up at 98.35 to have any chance of falling down to the 100-day M/A.

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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.