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Watch RBOB – Rallies to s/t MAs are sales

Published Tuesday, May 6th, 2014

It’s worth being a little patient today and let the action develop a bit after the assorted long weekends. There are certain unavoidable facts – the market is in a down-trend; the action is below all the short term (s/t) MAs; and the stochastics are negative but low. The two crudes and RBOB are on key support. WTI has held 99.35/34 and Brent 107.45, but the contract to watch is RBOB. The action at 290.59 then 289.85 will provide the clues to the next leg. These are the most important supports on the board. Above them and all targets lower are on hold; below and the contracts all acquire another leg south and targets lower – watch RBOB for guidance today.

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Posted by Robin Bieber