Technical & Fundamental Oil Reports Specialists

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Expect the odd dip, but higher very likely – Do not be short

Published Monday, June 16th, 2014

The contracts exploded higher on Thursday and Friday last week. Targets higher, both intra-day and longer term, were hit. None of the longer term targets were closed over so at time of writing there are no further objectives above the market. This is probably only a temporary situation, as firmer numbers are likely later. However the 5 day MAs are a long way below the current price action and this usually leads to a narrowing of the gap – i.e. the price slides a bit to meet the fast ascending 5s, or the action goes sideways for a day or so to allow the 5s to catch up. Wait for this to occur to buy the 5s or buy moves and closes (m/c) over the key resistance (in red) for the next leg higher. The stochastics are positive and the trend is up – do not be short.

to read the rest of the report, please click here 

Posted by Robin Bieber