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No clear direction – The market is range-bound

Published Monday, July 28th, 2014

Whilst WTI was lagging behind, the rest of the complex tested resistance levels but did not close above them. This provided longs with an opportunity to take profit. This morning fresh selling is pushing prices lower but most of the supports are not in the danger at the moment. There are no targets either way. WTI is right on its 13-day M/A at around 101.66. Should it be closed below this contract will head towards its 100 and 200-day M/As at 100.22 and 99.91. On the upside this contract will only turn bullish on a close over the 34-day M/A at around 103.36 and the 61.8% correction point of the latest downtrend at 103.60. Such a close will green-light the next upside objective. This is the recent continuation high at 105.56. Brent is holding the daily short-term M/As that are between 107.76/66. Below that there is a massive range support between 106.94/75 and in this range is the 200-day M/A at around 106.87. This is the level that needs to be closed below to expect much lower numbers. The 108.60/62 range resistance was tested on Friday with a high of 108.46. Above this range resistance is the 200-day continuation M/A at 108.89. Should it be settled over the 34-day M/As at 110.30/49 will be targeted.

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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.