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Targets below the market are still valid

Published Tuesday, August 5th, 2014

With the exception of RBOB no supports were tested yesterday as the market, in general, closed higher. Despite this positive performance targets below the market set out in yesterday’s report are still valid from a technical perspective. The reason to say this is that albeit resistances that draw a line between bearish and neutral markets were seriously flirted with, they were not closed over. It was said in yesterday’s report that the 200-day M/A at 97.07 on WTI is where this contract should be heading to unless the 98.68 range resistance, the daily low on July 15, were settled above. The high was 98.67 therefore the aforementioned downside objective has not been put on hold. However, no short positions should be held if this resistance is settled over as in that case the test of the 8-day M/A at around 99.71 will be expected.

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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.