Technical & Fundamental Oil Reports Specialists

Follow us

Watch the short-term MAs. Correction mode.

Published Friday, February 12th, 2016

Introduction. The market has moved up from the closing levels as a result of yet another headline. There is clearly an appetite for short covering at the slightest hint of co-operation amongst producers, but the noise caused must carry the weight of Saudi and Russia and not just bit-part players. WTI and Brent had hit their targets lower and for the moment all objectives south are on hold. The action will be dominated by the short term (s/t) MAs. At the moment, WTI remains below them all but testing the 5. Brent, Heat and Gasoil are above the 5 and testing the 8; and RBOB is above the 5 and 8 and testing the 13. Targets south are on hold until there are moves confirmed by closes (m/c) below these s/t MAs, whereupon the immediate targets would be to the recent lows. M/cs above would point to a test of the recent correction highs. The s/t MAs act as trapdoors to support or springboards to resistance in these conditions.

to read the rest of the report, please click here

Posted by Robin Bieber