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Up-trend, run lengths to targets – Do not be short

Published Thursday, May 15th, 2014

The headline to yesterday’s report was – “up-trend. Buy dips or moves over resistance. Don’t be short.” The view has not changed, although the price action is now a little too far ahead of the 5 day MAs for comfort, which usually means the dips back – often in the morning – are more violent than usual. Targets higher were hit on every contract yesterday and only the crudes closed well enough to have further objectives above the market to 103.45 WTI and 110.28 July Brent. The rest need moves and closes over 296.61 Heat, 297.87 RBOB and 915.00 Gasoil to green light the next leg up. Watch RBOB at the resistance at 297.87 and support at 296.64 for guidance. A dip below would point to more of a correction lower and a move over would ignite the next leg up. In short – watch RBOB. The trend is up. It is not advised to be short. WTI hit its target to 102.02 yesterday, and the close over green lighted the next objective higher to 103.45. This is valid whilst it stays over 102.05. Further support is at 101.53/42 then around 101.25 (5 day).

to read the rest of the report, please click here 

Posted by Robin Bieber