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Supports have been closed below; The downtrend continues

Published Tuesday, December 30th, 2014

Apart from a mini and very short-lived rally in the early part of yesterday bears firmly remained behind the steering wheel. Not only are they in full control of the direction of the market but it seems that they stepped on the accelerator rather hard yesterday. The net result was further loss of values and closes below supports. It is completely logical to be short – the questions that need to be answered are where to place stops and where to take profit. It is easier to answer the first question. Recent lows that were settled below yesterday should be used to protect short positions. On intra-day breaks and closes above them it is recommended to cut short exposure and go flat. These resistance-turned-supports are 53.94 WTI, 58.50 Brent, 186.76 Heating Oil, 149.80 RBOB and 534.25 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.