Technical & Fundamental Oil Reports Specialists

Follow us

The market is in a consolidation phase – Be patient

Published Friday, March 21st, 2014

The three days following Monday’s sharp sell-off saw the market close higher on Tuesday only to lose some value on Wednesday and gain some ground again yesterday. During these three days strong supports have been tested, in some cases they have even been penetrated on an intra-day basis but never closed below. On the upside some of the daily short-term M/As were flirted with but they have not been closed above. In other words, the complex is getting increasingly range-bound and at the moment there are no technical targets either way. WTI is somewhat the odd one out as the April contract that expired yesterday more or less supported the others. The May contract ran up to the 38.2% c/p of the recent uptrend at 99.46 but failed there. It is very close to the 13-day M/A at around 99.34 so this area is the top end of the range. A close below the 8-day at around 98.42 would mean that the week’s low at 97.00 will be in sight early next week.

To read the rest of the report, please click here 

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.