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Bullish sentiment is developing

Published Thursday, January 28th, 2016

Introduction.  Two out of the five contracts settled over crucial resistances. These are April Brent, which will become the front-month tomorrow after the close and March Heating Oil, which will also become the front-month tomorrow night. The rest lagged behind with WTI and Gasoil getting extremely close to their resistance area. The most worrying aspect of yesterday’s performance for bulls is that the RBOB contract actually lost value and is still below all of its daily short-term M/As let alone being anywhere near its recent high and range resistance . The technical picture, however, is turning encouraging but it is not conclusively positive yet. For that we shall have to see WTI, Gasoil and RBOB do better.

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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.