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Trying to change direction – this attempt is not conclusive yet

Published Friday, July 10th, 2015

We singled out the 5-day M/A resistances and the 34-day continuation M/A on RBOB as the ones to keep an eye on. From this respect yesterday’s performance was mixed as Brent and Gasoil did close over the 5-days (they are 57.67 and 533.25 at the time of writing) whilst WTI and Heating Oil did not (52.53 and 172.53). RBOB also failed to settle above the 34-day continuation M/A resistance which is at 204.67. Overnight developments, however, have pushed every contract firmly above the aforementioned resistances and Brent has even popped over the 8-day M/A which is presently at 59.09. In other words, the market is trying to break higher. It remains to be seen whether it will be successful but at the moment it would make sense to be flat and wait for developments. Undoubtedly, a close back below the 5-day M/A supports would be considered negative and such a move is expected to push prices down to the strong supports that are 49.88 on WTI, 55.58 on Brent, 168.58 on Heating Oil, 196.71 on RBOB and 515.50/514.75 on Gasoil.

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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.