Technical & Fundamental Oil Reports Specialists

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Higher, but a bit too far above the 5 day MAs – Early dip expected, but upside later

Published Tuesday, June 10th, 2014

The up-trend kicked back in yesterday and the market rallied strongly. The crudes and RBOB are above all the short term (s/t) MAs and Heat and Gasoil are above the 5 and 8s but have yet to close over the 13s. Intra-day targets higher were hit on most contracts and there continues to be a bit more work to do yet, but after a dip this morning the contracts should be eyeing up higher levels. The stochastics are positive, not too high, and supportive. It is not advised to be short. WTI hit its intra-day (if/d) target higher to 104.22 yesterday and closed over thereby green lighting a further target higher to 104.99/105.22. It would need a further close over 105.22 to green light another objective higher to 108.99. Support is at the key pivot at 104.22 and this contract must stay over here tonight to keep the upwards momentum intact.

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Posted by Robin Bieber