Technical & Fundamental Oil Reports Specialists

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PVM Technical Report 30 October 2015

Published Friday, October 30th, 2015

Introduction. The contracts are doing well and making a good recovery from the lows earlier in the week. They have done well to hold on to Wednesday’s gains. They have made a perfect “slingshot” move from over all the short term (s/t) MAs to test the 34 day MAs. The stochastics are all positive, and not too high yet. RBOB has once again played a serious role in not only taking the contracts higher but giving early warning signals. It is now time to be careful. The 34 day MAs are serious resistance, and all the contracts were expected to do was move from the s/t MAs to the 34s. They have done all that was expected of them – now be careful. The next leg – over the 34s to higher resistance and start a serious up-trend is not confirmed yet and may well not happen. All contracts are now in a danger zone that spans an area about a $1 wide. In WTI’s case this is from 45.89/98 (c/p, 34 day MA and b/b pivot) to 46.76 (c/p). The rest are similar.  To keep in resistance testing mode the contracts must stay over the highest of the s/t MAs. Watch RBOB again for guidance and keep an eye on the 34s – they are the key again today.

to read the rest of the report, please click here

Posted by Robin Bieber