Undecided market with the potential of testing supports.

Published Friday, September 26th, 2014

If Wednesday’s price action had been confusing then what shall we say about yesterday’s when one contract (RBOB) gains 542 points and the other (WTI) loses 27 cents? It is probably best to take a step back and look at the bigger picture. This picture shows us that the energy complex has been in a downtrend since June, for more than three months. Has this downtrend come to an end? Using the daily short-term M/As as a guideline one can conclude that it has on WTI and RBOB but not on Brent, Heating Oil and Gasoil. And what about the daily slow stochastics? It is trying to turn south on RBOB with a bearish divergence on it and it is positive on the rest.

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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.

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