Technical & Fundamental Oil Reports Specialists

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The market is bearish but not conclusively yet

Published Wednesday, February 25th, 2015

Yesterday’s performance did absolutely nothing to encourage the bulls. If you look at the price action of RBOB and more importantly Heating Oil then you’ll see that the support that was provided by the NYMEX product contracts over the last week or so is about to disappear as RBOB lost nearly 2% of its value and Heating Oil a whopping 9% over the day. Since the two crude contracts together with Gasoil also settled lower, although by much smaller margins, it would be tempting to paint a bearish technical picture. As a matter of fact that is what we are doing below but with strings attached. The daily slow stochastics are all pointing south and this in itself cannot be bullish. The short-term daily M/As are below the price action on both WTI and Brent. And now for the strings. There are a few supports that are being put under pressure at the time of writing which need to be firmly settled below in order to expect lower numbers.

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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.