Maximum care – volatile and erratic action expected

Published Monday, March 3rd, 2014

The down trend on all but WTI was gently settling in on Friday. The closes on Thursday had mostly been below all the short term (s/t) MA and lower numbers down to support were likely. This support held and the contracts all rallied but still looked vulnerable to lower numbers. Fast forward to Sunday night and early Monday morning and the market has exploded upwards on the Ukraine. The contracts are now all above their s/t MAs and in most cases are at critical resistance. Closes over this resistance would give us targets higher – below and the contracts are vulnerable to tests of the s/t MAs.

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Posted by Robin Bieber

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