Technical & Fundamental Oil Reports Specialists

Follow us

Technically the market is shaping up to turn but . . .

Published Friday, August 8th, 2014

Test of supports in the early half of yesterday’s trading came to a halt in the afternoon as the energy complex rallied and closed on a positive note. This morning further strength is pushing the prices even higher. This strength has been triggered by fundamental developments, namely by the authorization of limited US airstrike in Iraq. This helped WTI to break above its 8-day M/A at around 98.03 but it is back below this level at the time of writing. Only a close over it would be bullish for the beginning of next week. A failure to settle over this resistance is likely to have this contract test the 200-day M/A at 97.10 and the range at 96.55/43, a close below which is bearish. Brent is healthier than WTI as it is well above the 8-dayM/A (105.47) and right on the 13-day at around 106.35.

to read the rest of the report, please click here 

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.