Technical & Fundamental Oil Reports Specialists

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Lower. Sell rallies.

Published Thursday, October 16th, 2014

The fact that the headline from yesterday’s report has not been changed sums up nicely the technical state of the market. If anything, the situation got even more negative as Heating Oil settled below its nearest downside objective. It is the 245.98 range support. The rest has clear objectives below the current price action and they are expected to be put under pressure in the near future. This target is 79.69 on WTI, the monthly high in July 2010. A close below this support will push the price of this contract down to 73.49, the 50% correction point of the December 2008-May 2011 uptrend. Brent is now expected to have a go at the same retracement level that is at 82.30. This is where shorts are advised to cover only to re-instate the positions if closed below.

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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.