Technical & Fundamental Oil Reports Specialists

Follow us

Healthy market, one more upside push is needed

Published Thursday, April 28th, 2016

Introduction. A volatile session saw the market closing higher for the second consecutive session. Resistances on every contract, bar Heating Oil, were closed above. The daily short-term M/As are all below the current price action and the daily slow stochastics are positive, albeit high. The whole complex is shaping up to go higher and one more push is needed to turn unreservedly bullish. At the moment there is nothing wrong with being partially long but in case of closes below supports tonight one should not be hesitant to take losses. WTI closed above the 200-day contract M/A at 44.17, very close to the 5-day at 44.14. Those with long positions should use this area to go flat in case this contract weakens significantly today. In the absence of any downward pressure profit ought to be taken just below the 48.02 range resistance, the daily high on the June contract on November 25 last year.

to read the rest of the report, please click here

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.