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Downside correction might be due today

Published Tuesday, April 15th, 2014

The energy complex tested and broke through resistances and ran up to the next important resistance area where it failed with the exception of Brent. The odd one out was WTI who struggled to catch up with the rest. Yesterday’s performance provided longs with opportunities to take profit. Considering the general failure at the next set of resistances and the less than convincing performance of WTI it is time to be patient and keep the gunpowder dry, at least for the time being. WTI got up to the 104.48 target area where it failed for the second consecutive day and this morning it has dipped below the 5-day currently at 103.62. The test of the 8-day M/A at 102.78 is now a possibility and a close below this support is negative and should push the price of the contract down to the 13-day at 101.94. Bulls will only re-gain control on a close back over the 104.48 range resistance. It was said in yesterday’s report that a close above the 200-day M/A at 108.95 on Brent is a buy

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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.