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Bears are firmly in command

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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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.