Technical & Fundamental Oil Reports Specialists

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Watch the support very carefully – Huge resistance above. Vulnerable.

Published Tuesday, March 4th, 2014

The price action yesterday was violent and volatile, but by no means conclusive. The only contract to close well enough was WTI and it settled over the continuation c/p at 104.22 and alone has an objective higher to 106.46. It is unlikely to achieve this unless the rest kick in above resistance, so WTI’s target is on hold until and if the rest perform. The other contracts all exploded upwards and hit key resistances, which were breached, but in all cases closed below. These resistances are crucial barriers to higher numbers, must be safely negotiated, and are at 112.07 Brent; 308.84 Heat; 303.94 RBOB; and 942.50 Gasoil. If these are not closed over in a hurry the contracts will feel the effect of gravity and very likely head south. In this situation it is important to hold, the previous break out supports at 104.22 then 103.06 WTI; 110.82 Brent; 308.24 Heat; and 301.38 then 300.27 RBOB.

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Posted by Robin Bieber