Technical & Fundamental Oil Reports Specialists

Follow us

View the same – trying to bottom out; Flatten out

Published Wednesday, July 16th, 2014

It is not advised to be short here. Yesterday’s view that the market was bottoming out and that we would see attempts to hold and recover some was probably a bit premature. However twenty-four hours later, and with a market that is shaking out after a day of price carnage, this view is still held. Intra-day (i/d) targets lower were green lighted yesterday on the failure at support. These were all hit and breached, but then the contracts rallied to close well, although not above the key 5 day MAs. There are no targets lower whilst WTI holds 99.92; Brent 106.74; Heat 285.38; RBOB 288.87; and Gasoil 880.50. These may be violated during the day, but must not be closed below tonight, or the view that we’ve bottomed is invalid. The stochastics are all positive and displaying some bullish divergence. Whilst this is the case it is not advised to be short – as it unharmonious with a bearish stance, and whilst the stochastics are positive it is not advised to be short regardless of where we close. The key to any upside is the 5 day MAs.

to read the rest of the report, please click here 

Posted by Robin Bieber