Technical & Fundamental Oil Reports Specialists

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At key resistances – Observe the action here carefully

Published Friday, March 7th, 2014

The contracts softened yesterday down to the general area of the targets and support, and held. They are still too far below the 5 day MAs for comfort. This usually increases volatility and price violence as the contracts try to react back up to narrow the gap to the 5s. To a certain extent we are witnessing this at the moment, but the contracts are encountering key resistance levels in advance of the short term (s/t) MAs, and in particular the 5s. These key resistances are at 108.47/57 Brent; 298.80 Heat (actually pivotal resistance that has just been moved over and is now a “must watch” support); 295.04 RBOB; and 909.75 Gasoil. Moves over these critical levels would make a further corrective leg up to the s/t MAs very likely.

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Posted by Robin Bieber