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RBOB closes above 13-day MA

Published Friday, January 23rd, 2015

Those who believe that the market is trying to bottom out were not disappointed yesterday. It is still not recommended to go long, in general, but the fact that RBOB settled above the 13-day M/A resistance for the first time since the end of October is encouraging, if you are a bull that is. Now what should happen to maintain this growing optimism is for the rest to follow suit. The 13-day M/As were all tested and even briefly broken above over the course of the day but not closed over on the other four contracts. These numbers are 47.81 on WTI, 49.54 on Brent, 166.31 on Heating Oil and 476.50 on Gasoil. The latter has already broken above this resistance in the early hours of today’s trading. In case all the other contracts close over their respective 13-day M/A resistances a significant rally will be expected that could easily take the prices up to the 34-day M/As next week.

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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.