Technical & Fundamental Oil Reports Specialists

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Watch the 5 and 8 day MAs

Published Wednesday, April 23rd, 2014

The contracts are not moving harmoniously. June WTI lost 190 cents whilst RBOB put on 78 points. Brent, Heat and Gasoil are all above the 5 day MAs but below the 8s. WTI is below them all and RBOB above. The stochastics are negative on all but RBOB. No contract other than RBOB has a target higher (to 310.95) – all contracts other than RBOB failed at resistance yesterday. It’s advised to be patient and wait for this puzzle to unravel – I favour it lower but this view needs moves and closes below the 8 day MAs to have any validity. June WTI failed at resistance at 103.45 and then plummeted south to move and close below all the s/t MAs. It needs a close below 101.17/16 (c/p and 34 day) to green light an objective lower to 100.26. Resistance is around 102.25 (13 day).

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Posted by Robin Bieber