Technical & Fundamental Oil Reports Specialists

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Bulls are running the show

Published Friday, June 13th, 2014

The daily changes tell the story. WTI and Brent settled at their highest level this year and products performed in a bullish fashion, too. It would be suicidal to be short. Further volatility is expected today with the potential to go even higher. All the daily, weekly and monthly M/As are below the current price action (with the exception of some long-term weekly and monthly M/As on Heat and Gasoil) and the slow stochastics are positive. Under these circumstances all one has to do is look for the next resistance levels where longs should take profit and buy again if broken and closed above and also to identify the nearest support areas below which these long positions should be protected. On WTI these are 109.32 and 105.65. The former is the weekly high from July 2013 and the latter is the 50% c/p of yesterday’s range. Longs should try and run their position up to 109.32 or cut them if the c/p were settled below. August Brent is flirting with its weekly range resistance at 113.02 providing bulls with an opportunity to put some money in the bank.

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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.