Technical & Fundamental Oil Reports Specialists

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As if the markets had been closed yesterday

Published Friday, January 30th, 2015

It did not take too long to update the support/resistance columns below as the contracts traded in narrow ranges yesterday and the closing prices were mixed. There is no change from yesterday in that WTI still looks more bearish than bullish although it is holding its strong support area, RBOB has a valid upside objective and the rest are undecided. A close below the 44.35/20 support on WTI is bearish whilst bulls will only take heart from a close over the 13-day M/A currently at 46.34. Brent is considered range-bound whilst between the 46.40-50.45 boundaries, both ranges. The same extremities on Heating Oil are 156.61/23 on the downside and 165.65 on the upside, recent daily lows and highs. RBOB remains positive and should run up to the 144.05 range resistance, the daily high on the March contract on January 15 unless it closes back below the lowest of the daily short-term M/As, the 13-day at 136.37.

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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.