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Upside correction should be over, supports are to be under pressure.

Published Friday, July 31st, 2015

Every contract rallied yesterday but closed well below the day’s highs. The recommendation yesterday was to go short on the tests of the 8-day M/A resistances or in the case of WTI go fully short again if the 8-day M/A was not closed above. This was more or less the case on each contract. It is now not unreasonable to be short on every contract again. One might say that the expected and inevitable upside correction have taken place and it is over now and lower numbers should take place today. It is all well but the important question is what to do if the above view proves to be unjustified and the market rallies further.

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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.