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Up-trend, buy dips or moves over resistance – Don’t be short

Published Wednesday, May 14th, 2014

The view remains the same – we are in an up-trend; buy dips to the b/b pivots and/or the 5 day MAs. Run length to target areas; do not be short. Take advantage of weak length bagging out on dips when at the short term (s/t) MAs. The stochastics are positive, and all have “meat on the bone”. The contracts look like having a further go to the upside, and it is not advised to play against the trend. WTI hit its intra-day (i/d) target higher to 102.02. It may well dip back a bit from here early today. A move and close (m/c) over would green light the next objective higher to 103.45 then 104.01. Support is at 101.50/41 (c/p and 34 day) then 101.21/17 (b/b and c/p), and a buy followed by the 5 day around 100.91 – also a buy on a further dip. July Brent is similar to WTI. It has hit its i/d target higher to 108.77. It needs a m/c over here to green light it higher to 109.61 then 110.28. Buy a m/c over – meanwhile it’s likely to be strong resistance this morning until it is closed above later today. Support is at 108.10 (b/b) – a buy – followed by 107.97 area (5 day) and also a buy. Length is safe whilst over the 5 day. Be a bit cautious around 108.77 initially today.

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Posted by Robin Bieber