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All upside targets are on hold for the time being

Published Friday, November 27th, 2015

Introduction. A low volume day saw the contracts drifting lower yesterday. With the exception of RBOB all or some of the daily short-term M/As were moved and/or closed below therefore upside targets that were valid yesterday morning are on hold. A fresh rally above these M/As would re-instate these objectives but the market at the moment does not seem very enthusiastic. In the absence of US players not much should be read into yesterday’s weakness but it would only be prudent to be flat and wait for developments. WTI will look healthy again on a close above the 13-day at 42.68. Such a move should push the price of this contract up to the 44.34 target. On the downside a close below the 8-day (42.17) will have the contract test the 40.41/39.97 range support area.

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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.