Technical & Fundamental Oil Reports Specialists

Follow us

The market is shaping up to go higher

Published Tuesday, September 30th, 2014

A brief test of support did not last long as the market turned after NYMEX opened and by the end of the day the contracts settled higher. WTI lived up to its bullish expectation and closed over the 34-day M/A. The 94.01/22 range resistance area was also settled above paving the way for a test of the next level higher at 94.94/95.07. These are the end of August-beginning of September daily highs on the November contract. Longs are recommended to take profit there and start buying again if the 38.2% retracement level of the June-September downtrend at 95.24 is broken and closed over. In that case this contract will be expected to jump up to the 200-day contract M/A at around 95.72. WTI looks healthy and this bullish edge will only be taken off if the 34-day M/A at around 93.01 is closed below. Supports held on Brent, Heating Oil and Gasoil but these three contracts have not turned entirely positive yet. The fact that their daily slow stochastics are pointing north is encouraging but what they need to do now is to close above their respective 13-day M/A resistances.

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.