Technical & Fundamental Oil Reports Specialists

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Watch RBOB – Odds on higher but some hurdles to leap over yet

Published Wednesday, March 26th, 2014

Over the past few days the contracts have hit targets south, held, moved out of down trend mode, and recovered. They have now all, with the exception of RBOB, moved over their short term (s/t) MAs, and the daily stochastics have flipped positive on all. These are normally the ingredients for higher numbers. So, the stage has been set for a move higher, and all we need are the contracts to turn up to the party – i.e. make the move over key resistances for targets higher to be valid. The first clue that this is about to occur is (once again) found with RBOB. It needs to hold and break up and away from the 5 and 8 day MAs around 289.44 (5) and 289.06 (8). If this occurs it should head higher, in slingshot fashion, to around 291.46 (13 day). This would have the rest at and likely over the key resistances at 99.46 WTI; 107.58 Brent; 296.16 Heat; and 907.50 Gasoil, establish the up-trend, and give us targets higher. In short – watch RBOB at the 5 and 8s today. WTI needs to break up an away from the c/p and b/b pivot at 99.46/53.

To read the rest of the report, please click here 

Posted by Robin Bieber