Technical & Fundamental Oil Reports Specialists

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Down-trend settling in. sell rallies to s/t MAs – Do not be long

Published Thursday, May 1st, 2014

The down-trend is bedding in. Rallies to resistance, and specifically the short term MAs, continues to be sales and afforded one good opportunities over the past two trading days. The stochastics are negative. Watch the 34 day MAs – we’ve moved below the s/t MAs and now the 34s are the next logical place for the market to head. The 34s are support on Brent, RBOB, and Gasoil; just above the market as resistance on Heat and a bit further above around 100.52 on WTI. They are relevant levels to watch and where they are holding reflect a perfect slingshot move from short-term to medium-term MAs – i.e. the completion of a price cycle. Moves and closes (m/c) below would be bearish and green light targets lower. WTI hit its objective to 99.35 on the nose (low 99.35) yesterday and rallied. It has no target lower until it m/cs below whereupon the objective becomes 98.02.

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Posted by Robin Bieber