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No direction, undecided market.

Published Friday, September 25th, 2015

Introduction: Yesterday we had yet another confirmation of the range-bound nature of the energy complex. Wednesday’s sell-off was followed by positive performances with the exception of RBOB and due to its early close Gasoil, but neither of them settled below important supports. This morning the contracts are getting even further away from the bottom end of their respective ranges. The message remains the same. It is not advised to commit oneself in either direction whilst in the ranges. Below we shall briefly remind ourselves about these extremities of each contract and then, being Friday, we shall have a look at the weekly charts to see if they provide any clues to which direction break-outs could potentially take place in the future.

WTI: the immediate range is 43.89/99 and 48.07, recent daily lows/high. A close over the 13-week M/A at around 46.81 is bullish for next week. A close below the 8-week M/A at around 44.09 is bearish for next week. Weekly technicals are neutral whilst this contract is between these two indicators.

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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.