PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Published Tuesday, January 12th, 2016
Introduction. In a strange way there is not a lot to write about the market. The downtrend is relentless. Daily, weekly, monthly and the short, medium and long-term M/As are all above the price action. The daily, weekly and monthly slow stochastics are all negative. Important supports were closed below yesterday. There are now targets well below the current price action. Rallies to daily short-term M/As are seen as selling opportunities. WTI closed below the 2008 low of 32.40 and last week’s low of 32.10. Apart from some weakish monthly range supports the next downside objective is 26.80. It is the 4Q 1996 high and below that the 2Q 2003 low at 25.04. A rally up to the 32.40/48 range/5-day M/A resistance is a sell.
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