Technical & Fundamental Oil Reports Specialists

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Watch RBOB at 295.04 support and then the 5, 8 and 13 day MA resistances

Published Thursday, March 13th, 2014

The trend is down. There are tentative targets lower on WTI, Heat and Gasoil. Rallies to the s/t MA resistances are sells, as are poor closes below support for the next leg lower. The whole complex would look a lot more bearish if RBOB could close below the c/p at 295.04 – it has breached it every day but ended the day above – and May Brent below 107.21. RBOB is the most important contract on the board and it needs to be watched. It would give early warning signals for further weakness by closing below 295.04 and it would also flag a recovery on a move and close over the hitherto sellable 5 and 8 day MAs around 295.94/296.08 and then the 13 day around 296.95. A move over here would point to recovery both for it and generally.

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Posted by Robin Bieber