17 Mar 2015
Brent failing to hold $53.13 will expose $45.19 –
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood comments on the oil market, and further notes that if the price of Brent fails to hold the short-term base at $53.13, further losses towards $45.19 might be seen.
Key Quotes
“The trend is weaker and it aint getting any better any time soon, at least that’s how the market feels. I still contend that we have to try out the lows before making any meaningful upward progress and the market fundamentals are not on the side of the bulls at the moment.”
“Stocks again will dominate with inventories expected to rise again in the API and EIA stats today and tomorrow, the refinery maintenance season is fully underway giving little chance of a demand tug.”
“Yesterday WTI saw an intra-day low of $42.85, not seen for many years and Brent was also poor hitting a low of $52.50 before expiring weakly at $53.44.”
“It is worth noting that the chartists are getting very worried about Brent, the short-term base of $53.13 nearly fell yesterday and there has been a crossover of the Kijun and Tenkan which apparently doesnt bode well. Failing to hold these levels is bearish with the next base as low as $45.19, you have been warned…”
Key Quotes
“The trend is weaker and it aint getting any better any time soon, at least that’s how the market feels. I still contend that we have to try out the lows before making any meaningful upward progress and the market fundamentals are not on the side of the bulls at the moment.”
“Stocks again will dominate with inventories expected to rise again in the API and EIA stats today and tomorrow, the refinery maintenance season is fully underway giving little chance of a demand tug.”
“Yesterday WTI saw an intra-day low of $42.85, not seen for many years and Brent was also poor hitting a low of $52.50 before expiring weakly at $53.44.”
“It is worth noting that the chartists are getting very worried about Brent, the short-term base of $53.13 nearly fell yesterday and there has been a crossover of the Kijun and Tenkan which apparently doesnt bode well. Failing to hold these levels is bearish with the next base as low as $45.19, you have been warned…”