Technical & Fundamental Oil Reports Specialists

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Watch the 5, 8s and RBOB at 308.26

Published Monday, April 28th, 2014

The contracts held support on Friday and there are no targets lower. The next leg will be dominated by the 5 and 8 day MAs and the action there today. All contracts, bar WTI, are close to the 5 and 8s and are for the most part below the 5s and holding the 8s. WTI is below them all and has no target lower whilst above 100.31/26 (34 day and c/p). The contracts have no targets in either direction until the mist around the 5 and 8s clear. An additional clue will be the action on RBOB around the pivotal resistance at 308.26 – over here and it heads for the resistance and erstwhile achieved target at 310.95; below 308.26 and it is struggling. The stochastics are negative which is going to make a sustained rally hard work. As usual, the message is to watch RBOB and the 5 and 8s generally. In the meantime sit on one’s hands and be patient.

To read the rest of the report, please click here 

Posted by Robin Bieber