Technical & Fundamental Oil Reports Specialists

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Late rally and RBOB strength make bears concerned.

Published Thursday, September 25th, 2014

Yesterday’s trading was not for the faint-hearted as a general weakness was all but cancelled in the last 30 minutes of trading when the energy complex staged an impressive rally led by RBOB and to a certain extent by WTI. We identified two contracts as very bearish yesterday (Heating Oil and Gasoil) and we also said that Brent was more negative than WTI whilst only RBOB was unreservedly bullish. The first three have all tested important supports, they even broke below them over the course of the day but the aforementioned buying spree towards the close helped them recover and eventually close over these supports. These are the 96.38/21 range support area on Brent, the 267.53/47 range support area on Heating Oil and the 805.75 level on Gasoil.

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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.