Technical & Fundamental Oil Reports Specialists

Follow us

The market is trying to turn bullish

Published Thursday, February 26th, 2015

The inconclusive bearishness from Tuesday’s close never turned into a bears’ feast as the market rallied hard yesterday. As a matter fact the buying spree was so fierce that the whole energy complex is nearly and unreservedly bullish. Note the word nearly. All contracts closed above their respective daily short-term M/As with the exception of WTI. The NYMEX crude closed above the 5-day M/A at around 50.27 today but was and is struggling at the 8 and 13-day (51.28/51.58). A close above this is undoubtedly bullish and such a move should push this contract up to the high of last week at 54.92. A failure to do so, on the other hand, will serve as a warning signal for the rest of the market that not all is well with yesterday’s surge. Until then, however, the rest have valid upside objectives. These are as follows: the recent high of 63.00 on Brent valid as long as the 13-day at around 60.00 is supporting the price action.

to read the rest of the report, please click here

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.