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The odds are still on further pressure on supports

Published Wednesday, December 31st, 2014

The market closed higher yesterday but this strength was not fierce enough to change the underlying technical picture. On the other hand, the contracts did not quite get down to supports where shorts were and still are advised to take profit. The most important of these supports is the 52.24 level on WTI. This contract turned at 52.70, not close enough for shorts to cover. It is such a significant level that it actually might be an idea to go flat on the rest of the contracts if or when this support is in sight. This is, of course, unless the other contracts reach their supports first which are 56.10 on Brent, 178.49 on Heating Oil, 140.80 on RBOB and 513.25 on 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.