Technical & Fundamental Oil Reports Specialists

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Watch RBOB – it holds all the clues; WTI weak

Published Wednesday, March 12th, 2014

The contracts are struggling. Rallies to the 5 and 8 day MAs, particularly the 8s, are sales. This slightly depends on what contract one is looking at – i.e. it’s the 8 day that’s a sale on Brent rather than the 5. The closes last night, on WTI especially, were poor and to a lesser extent on Heat and Gasoil too. However the market leading contract RBOB – still managed to hold the key c/p support at 295.04. This is impeding progress south. It would need a close below here to provide the momentum and green light for targets south across the board. WTI may plunge anyway but we need the green light from RBOB to give us objectives below the market on the rest. The stochastics are negative, which is going to make any rally hard work. WTI has closed below the key c/p at 99.97 and whilst in this condition has a target lower to 98.35

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Posted by Robin Bieber