Technical & Fundamental Oil Reports Specialists

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Watch the 100-day M/A on RBOB and the 8-day M/As on the rest

Published Wednesday, July 15th, 2015

We saw a decent recovery from the day’s lows yesterday but the rally in the latter part of the day was by no means an indication that bulls are in control. In most cases supports were tested and these tests formed a base for some short-covering that pushed prices higher. With the exception of Brent none of the contracts settled over the 5 and 8-day M/A resistances. This means that from the technical perspective there is nothing wrong with being short apart from Brent and these shorts should only cover if the 5 and 8-day M/As are settled over. They are 52.78/55 on WTI, 172.93/27 on Heating Oil and 534.75/532.25 on Gasoil. September Brent settled over them but should they be closed back below tonight it is recommended to short this contract, too. These M/As are currently at 58.71 and 58.17 on the ICE crude contract.

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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.