Technical & Fundamental Oil Reports Specialists

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Further weakness is expected

Published Thursday, January 14th, 2016

Introduction.  All the market managed yesterday was a half-hearted rally up to the 5-day M/As before the downtrend resumed and weaker closes took place across the board with the exception of the front-month WTI contract.  NYMEX Heating Oil is now conclusively below the 100.00 level, and both the expiring February and March Brent contracts dipped below the 30.00 mark. WTI tested the same support but failed to break below it yesterday. Should these areas be settled below tonight further downside pressure will be imminent. If not then some upside retracement to the sellable 8-day M/A resistances could take place. The trend is still down and apart from the odd rallies softer numbers are expected. A close below the 30.00 support on WTI would open the door to a fall down to the 26.80 and then to the 25.05 range supports.

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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.