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Possible test of supports today. On the upside RBOB’s 8 and 13-day are the key.

Published Monday, July 20th, 2015

A mixed performance on Friday managed to make the technical picture confusing. There is a definite disharmony between the contracts and whilst the underlying sentiment is still more on the negative side this can turn bullish rather quickly. At the time of writing with the exception of RBOB, all the daily short-term M/As are above the current price action. Heating Oil and Gasoil have valid objectives below the market. WTI and Brent still have to close below supports in order to validate targets lower and on RBOB one more push higher will turn the contract unreservedly bullish. The low of 50.95 on September WTI was broken below on Friday but by the close the contract managed to crawl its way back above it. Should it be settled below, the daily low at 49.69 on March 18 will be the nearest strong support area and an eventual close below the latter is very bearish. Brent still has to negotiate its range support and daily low on the same day at 55.50 to be confident in the test of the 53.19 range support.

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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.