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Technical picture is still confusing. Heat and Gasoil looks dreadful.

Published Wednesday, September 24th, 2014

If the contracts mentioned in the headline look dreadful then it quickly has to be added that RBOB looks bullish but it has hit its upside objective, WTI is neutral despite the stronger close last night and Brent is more on the bearish side but it  is not as bad as Heat or Gasoil. Given that presently there are three different hymn sheets the market is singing from there is a disharmony or discordance which makes the current performance hard to understand, let alone enjoy it. Although WTI gained on the day it is still below the daily short-term M/A resistances with the exception of the 5-day at around 91.54. Should this support be settled below there is a chance of the test of the recent lows at 89.56/33, a close below which would unreservedly flip this contract bearish.

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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.