Technical & Fundamental Oil Reports Specialists

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Up-trend – higher likely; Have hit some targets but more likely soon

Published Friday, March 28th, 2014

The move over the 13 day MAs on Brent, Heat and RBOB was the trigger for moving higher yesterday. RBOB was the most important and it led the charge. The writing had been on the wall since early yesterday that this was the most likely direction for the market to take and it did not disappoint. Targets higher were hit on WTI to 101.62; May Heat to 294.66; and May RBOB to 294.39. There are no further targets higher until these levels are moved above and closed over. RBOB’s 34 day and c/p at 294.06 and 294.39 represent the most important pivotal resistances on the board today – watch them for the early warning signal for further upside potential. Meanwhile Brent has an objective higher to 108.10 and Gasoil to 907.00. The daily stochastics are positive and not too high yet. This is all constructive. WTI hit its objective higher to 101.62 but did not close over. It needs a move and close over here to green light the next leg higher to 102.68.

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Posted by Robin Bieber