Technical & Fundamental Oil Reports Specialists

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Sell rallies to the 13s; Down trend intact

Published Monday, December 29th, 2014

The Christmas period did nothing to encourage bulls although it has to be said that the extent of the price fall has slowed somewhat but this might have been due to the illiquid nature of the festive period. Anyway, the trend is still down. This is demonstrated in the fact that the daily short-term M/As are still acting as resistances and the daily slow stochastics, albeit low, are still negative. The message from before Christmas remains largely the same; sell rallies to resistances or closes below supports. The 5 and 8-day M/As have already been tested and in some cases closed above during the last week or so therefore the nearest sellable resistance levels are the 13-day M/As. They are currently 56.80 WTI, 61.16 Brent, 193.12 February Heating Oil, 157.36 February RBOB and 553.75 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.