Technical & Fundamental Oil Reports Specialists

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Up-trend but be very careful at the key resistances

Published Friday, May 23rd, 2014

The trend remains up, but be careful. Both crudes hit their targets yesterday to 104.22 WTI and 110.91 Brent. Both closed below. In addition, RBOB also hit its objective to 301.08 and closed below. 104.22 WTI started the day as a key pivot and it was the high of the day yesterday. There are no targets higher until these achieved objectives are moved and closed above. They are strong resistance, and represent the most important resistances on the board today – be careful. The stochastics are still positive but wavering at the upper end. This may well be an early warning of impending weakness – watch these and the key resistances carefully today. It is not advised to be short whilst above the 5 and 8s, which are buys on dips, but it’s advised to keep exposure limited up here until there are closes above the key resistances. WTI hit its critical resistance and target level at 104.22 but closed below. It needs a move and close (m/c) over here to green light a leg higher to 105.22.

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Posted by Robin Bieber