Technical & Fundamental Oil Reports Specialists

Follow us

Negative picture developing

Published Monday, February 8th, 2016

Introduction. The contracts still lack harmony and the next leg is not clear. WTI and RBOB are both below all the short term (s/t) MAs, whilst Brent and Gasoil are in amongst the cluster of these MAs. Heat is above them. The daily stochastics are negative on all but Heat. The longer term weekly and monthly stochastics may well be giving positive signals, but they can take a long time to develop. I mentioned on Friday that corrections in overall trends need, in this case, a lot of bullish news to sustain them. This supply has moved from oversupply to trickle and unless there are some pretty bullish headlines in the next few days gravity will come into play – i.e. we’ll go lower. At the moment the contracts are all below key long term pivotal levels on WTI at 32.40; Brent 35.94/36.20; Heat 112.52; RBOB 101.59; and Gasoil 313.25. There is no upside potential whilst below these levels.

to read the rest of the report, please click here

Posted by Robin Bieber