Technical & Fundamental Oil Reports Specialists

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Up-trend still intact whilst crudes are above the 13s; Watch RBOB – it’s frisky

Published Friday, May 30th, 2014

The contracts still lack harmony and this is causing erratic conditions. RBOB is a lead contract and is above all the short term (s/t) MAs, whilst the crudes are below the 5 and 8s but holding the 13s. Heat and Gasoil, meanwhile, are below all the s/t MAs. All have negative stochastics. RBOB is trying to push higher, but Heat and Gasoil are more eying up the support. These are not ingredients that lead to clarity. Nevertheless the up-trend is not yet broken and this will remain the case whilst the crudes are above the 13s and RBOB above the 5 and 8s. With this in mind it is not advised to be short – just patient. Watch the crudes’ 13s and RBOB’s action very carefully today. There are, at the moment, no targets either way.

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Posted by Robin Bieber