Technical & Fundamental Oil Reports Specialists

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The market should have another go at resistances

Published Monday, February 9th, 2015

The week finished in a relatively upbeat mood as the contracts settled higher. Last week saw four out of five days closing higher with the exception of Wednesday. The market recovered nicely from that sell-off and managed to gain over Thursday and Friday. Brent and Gasoil tested their respective resistance and Heating Oil followed suit this morning providing longs with opportunities to put some money in the bank. These targets are the highs of last Tuesday and they are 59.00 on Brent, 556.50 on Gasoil which is close to the 38.2% correction point November-January downtrend at 557.50 and 187.47 on Heating Oil. A close above these resistances will be too tempting for bulls not to re-establish long positions. On such a move Brent will target its own 38.2% retracement level at 60.20 and after that the 50% c/p at 64.46. Heating Oil is likely do the same. Its 38.2% correction point is at 193.43 and the 50% is at 204.92. On a strong close tonight Gasoil could easily jump as high as the 50% c/p at 589.50.

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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.