Technical & Fundamental Oil Reports Specialists

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The market is in disharmony but still more on the bearish side.

Published Thursday, August 7th, 2014

The EIA stock data on US oil inventories did its best yesterday afternoon to confuse a generally negative technical picture. As a result of the mixed statistics NYMEX products settled higher on the day together with ICE Gasoil whilst the crude contracts lost value. Under these seemingly contradictory circumstances, however, one can find an order which still points towards generally lower numbers. WTI is the most bearish of all. It settled below the 200-day M/A at 97.08 and should fall down now to the 96.43 range support where shorts are recommended to cover. A close below the latter is a sell for further weakness, possibly down to the 94.31 range support. Should the 200-day be settled back over no short positions are to be held, as in that case the test of the 8-day at around 98.36 is 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.