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The price action around RBOB 13-day is crucial.

Published Tuesday, January 20th, 2015

With the US on holiday there was no settlement on NYMEX; nevertheless it is safe to conclude that the immediate threat of going higher has been removed by yesterday’s performance. It is because RBOB failed to jump above its 13-day M/A resistance that is currently 134.58. It still might do so today in which case further strength will be expected, but at the moment, it does not seem likely. As things stand now it would not be surprising to see the nearest supports to be under pressure. They are the 5 and 8-day M/As on the product contracts and range supports on crudes.

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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.