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Unclear, stay on the sidelines for now.

Published Friday, June 10th, 2016

Introduction. Two out of the five contracts – Heating Oil and Gasoil – hit their upside objectives yesterday. The rest did not and as sellers dominated trading in the latter part of the day the energy complex closed lower. Renewed selling is pushing prices further down at the time of writing. The daily short-term M/As are holding in some cases whilst some of them have been broken below in others. The technical picture is not straightforward. We might be experiencing a healthy one or two days of downside correction after a good run up in recent day but equally we could be witnessing a reversal of the underlying trend. Under these circumstances it is best to be patient today. Closing prices are the most indicative ones and therefore it would only make sense to act at the settlement tonight. A pop and close over the highest of the daily M/As would indicate that the softness has been a downside retracement before the market is heading higher again. In that case there will be nothing wrong with going long again.

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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.