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WTI is strong – The rest looks very vulnerable

Published Thursday, March 20th, 2014

WTI is the only ray of hope for the bulls as it gained on the day whilst the others all lost values. It will be interesting to see where the complex is going once the expiring April WTI is out of the way. It would not be surprising to see further weakness from tomorrow provided that Brent and Gasoil closes below supports that were tested but held yesterday and Heating Oil and RBOB fail to settle over strong resistances that are lingering just above the current price level. The May WTI contract looks healthy and one more push to the upside today would make this contract unreservedly bullish. This push will have to take the price of the contract over the 38.2% c/p of the January-February rally at 99.46 and preferably above the 13 and 34-day M/As at 99.64 and 99.69. On the other hand, the first sign that the recent strength has been related to the April contract would come in the form of a close below the 5 and 8-day M/As 98.71 and 98.60. 

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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.