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More patience is needed.

Published Monday, June 27th, 2016

Introduction.  The energy market consolidated on Friday after the early morning shock with no clear direction for the immediate future. All the daily short and medium-term M/As were closed below with the daily slow stochastics negative. The good news for oil bulls was that assorted c/p supports that were put under pressure in the early hours of Friday’s trading held. There are not targets lower whilst this is the case. Equally, on the upside we should only expect higher numbers if or when the highest of the daily short-term M/As are firmly settled over. Despite the wide trading ranges we are roughly where we were on Friday morning. For this reason there is no real change on the technical front from Friday’s report. WTI is considered undecided as long as the price of this contract is between 46.88 and 48.85/49.04. The former is the 38.2% correction point of the April-June uptrend whilst the resistances are the 5 and 34-day M/As.

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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.