Technical & Fundamental Oil Reports Specialists

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Products have hit and held their targets – Flatten out and wait

Published Friday, March 14th, 2014

Heat, RBOB and Gasoil all hit their targets lower – to 290.64 Heat; 291.85 RBOB and 890.00 Gasoil – and held yesterday. This puts on hold the objectives lower on the crudes. These were to 97.27 WTI and 105.65 May Brent. The products have, to a certain extent, completed a price cycle and it’s time to be patient and wait for developments. RBOB is a market leader, and what it does around support and resistance will impact on the rest. The key support is at 292.84 (34 day) then the 50% c/p and erstwhile target at 291.85. Whilst the latter holds the downside generally is on hold. At the same time it has important resistance at 295.04 – a move and a close back over here would suggest more recovery. The stochastics are low, negative, but wavering. Watch them carefully. The next leg will be flagged by RBOB – observe closely today.

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Posted by Richard