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Test of supports as long as the 8-day M/As are not closed above

Published Friday, July 17th, 2015

The daily slow stochastics are negative on every contract. The daily short-term M/As are above the current price actions. On this basis the market is more on the bearish side. With the exception of Heating Oil supports were tested but not closed below. RBOB actually rallied hard and gained on the day. From this respect there is a strong case to say that sellers are less enthusiastic and the market shows every sign of bottoming out. It is as easy to make a bearish as a bullish case. However, if we accept any technicians’ mantra that the trend is more likely to continue than reverse it is completely reasonable to stay bearish. Of course, this negative view will have to be confirmed by closes below supports. These are 50.58/38 on WTI and on a close below this level we are likely to test the 48.71 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.