Technical & Fundamental Oil Reports Specialists

Follow us

Up-trend but below key resistances – Watch RBOB at 294.39

Published Monday, March 31st, 2014

The trend is up. The short term (s/t) MAs are below the market as support and the stochastics are positive. The contracts have breached, and in some, but not all, cases, closed above key resistances. However, Friday’s constructive closes were far from conclusive. RBOB remained below the key c/p resistance at 294.39, and this is the most important resistance on the board. The rest flirted at the closes with critical resistances at 101.62 WTI; 108.10 Brent; and 294.66 Heat. Gasoil hit but failed to penetrate its key resistance at 907.00. So, Friday’s closes were on the positive side but did not green light the next set of objectives higher. RBOB at 294.39 is the key – a close over and RBOB is giving an early signal of strength, which will be contagious. The trend remains up albeit pausing for breath. WTI needs to move and close over 101.62 in order to have an objective higher to 102.68. As such 101.62 is an important resistance.

To read the rest of the report, please click here 

Posted by Robin Bieber