Technical & Fundamental Oil Reports Specialists

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Up-trend faltering – Watch RBOB around 299.10 and the crudes on the 13s

Published Thursday, May 29th, 2014

The market is in trouble, but the up-trend is not broken yet on WTI and Brent, and far from giving up on July RBOB. WTI and Brent are below the 5 and 8s but holding the 13s, and July RBOB is at the 5, around 299.10, and above the 8 and 13. The key to the next leg – i.e. do we dump? – is in the hands of the 13s on WTI and Brent and the 5 on RBOB. Watch these very carefully today. Meanwhile Heat and Gasoil are both below all the short term (s/t) MAs and struggling, but they won’t reverse the up-trend on their own. The stochastics are negative which will make any rally hard work. The up-trend is intact – just. It is not advised to be short yet. There is a lack of harmony and it’s advised to wait for all the contracts to be saying the same thing before taking serious action. Don’t get sucked in too soon whilst the crudes are holding the 13s around 102.45 WTI and 109.79 Brent. WTI is below the 8 around 103.30 and the 5 around 103.58. Whilst in this condition it is struggling but it would need a move and close (m/c) below the 13 around 102.45 – very good support – to green light a target lower to 101.29 (34 day).

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Posted by Robin Bieber