Technical & Fundamental Oil Reports Specialists

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Be flat on both contracts

Published Friday, July 11th, 2014

Yesterday’s negative technical view proved to be justified as both contracts drifted lower. Targets were within sight, if not yesterday then this morning, and this provided shorts with a good opportunity to cover, put some money in the bank and wait for developments. By the look of things they are not going to be very busy during the course of today but they might want to look at their screens towards the close to see if it is technically correct to re-establish their positions.

August ICE: It was the lows of Monday and Tuesday that were singled out as the nearest downside objective. They are at 35.25 and 35.10. If yesterday’s low at 35.36 was not close enough for shorts to cover then this morning’s low print at 35.15 has surely been too tempting to ignore. From this point onwards the picture seems straightforward. A close below 35.10 is a sell for a further fall down to 33.45. 

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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.