Technical & Fundamental Oil Reports Specialists

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Up-trend but not harmonious – Let things develop today

Published Tuesday, May 27th, 2014

The contracts are not harmonious but that could easily be the effect of the long weekend. WTI and RBOB closed over the key 104.22 and 301.08 resistance, but the rest made little impact on resistances. The stochastics are high in all cases, but negative – just – on Brent, Heat and Gasoil, and positive on WTI and RBOB. In the normal course of events WTI would have a target higher to 104.99 and RBOB to 305.38, but it’s advised to wait for today to confirm the “holiday price action”. The trend is up. It is not advised to be short. The only question is whether it’s a buy here for higher numbers, or whether to hold back, let the action bed-in for a bit today, and be patient.

to read the rest of the report, please click here 

Posted by Robin Bieber