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Lack of harmony still – Watch RBOB at 308.26

Published Friday, April 25th, 2014

There has been a lack of harmony for two days now – WTI below all the short term (s/t) MAs, RBOB surging higher with an objective above the market, and the rest pretty stuck with no targets either way. There was a pretty significant move in the market yesterday but there still remains this lack of harmony and the next leg is not clear. RBOB exploded higher, hit its target to 310.95 and then sagged and closed a few points over the key support at 308.26. It is now below its 5 day MA. Brent and Gasoil meanwhile closed over key resistance at 110.06 and 925.50 respectively and have objectives higher to 111.17 and 940.25. Heat closed below the key resistance at 301.94. RBOB’s stochastic has also turned negative, whilst the rest, less WTI, have flipped positive – in direct contrast to the action earlier in the week. In short, we have a technical muddle, where the suggestion is to watch RBOB and what it does at the key pivotal support at 308.26 – below here and the upside generally is in doubt; above and it’s all ok. Watch 308.26 carefully.

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Posted by Robin Bieber