Technical & Fundamental Oil Reports Specialists

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A nearly-complete mini upside break-out took place yesterday

Published Wednesday, January 28th, 2015

A half-hearted test of supports was followed by a decent rally in the latter part of yesterday. This rally certainly boosted the confidence of those who have been contemplating going long. Judging by yesterday’s performance they might have put length on all contracts bar WTI. The US benchmark is the odd one out because it is the only contract that failed to settle over the daily short-term M/As. The rest did therefore there are targets higher on them. These targets will remain valid unless the lowest of the daily short-term M/As are settled below. On Brent this objective is the 52.42 range resistance. Length should be run up there or protected if the daily M/As that are between 48.83 and 48.74 were settled back below. Yesterday’s rally green-lighted the 171.70 target on Heating Oil. This is the daily high on the February contract on January 15 and will remain valid unless the M/As between 165.06 and 164.86 are closed back below. The same high on RBOB is 141.49.

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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.