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Upside potential developing – Watch RBOB at the 13 day

Published Thursday, March 27th, 2014

The sedate move from down trend, (finishing some 6 days or so ago), to sideways holding pattern (now) to an up-trend (immediate future) is in the process of taking place. The first two stages are history and the third would appear to be occurring. In WTI’s case it has already started its up-trend. The rest still have more work to do yet and the up-trend and targets higher are on hold until there are conclusive closes over the 13 day MAs on RBOB and Heat. Brent would need to be over its 100 day at 107.61. The most important resistance on the board is on RBOB around 291.18 – the 13 day. A close over here would target it higher to firstly 291.85 but most likely beyond here to 294.72. It would also be infectious and lead the rest of the contracts higher. So, once again, watch RBOB. The daily stochastics are positive and support this fledgling up-trend.

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Posted by Robin Bieber