Technical & Fundamental Oil Reports Specialists

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Higher – stay long and buy dips to the 5 day MAs

Published Monday, June 23rd, 2014

The trend is up. There are valid targets higher from Thursday and Friday’s action on Brent to 116.16 and Heat to 308.34. The overnight move on WTI over 106.84 has green lighted a target higher to 107.68. In addition RBOB has hit its target to 313.86 overnight, and providing it stays over here acquires a further objective higher to 314.65. Gasoil has more work to do and needs to move and close over 942.50 to green light a target higher to 947.00. The stochastics are positive, but a little high. It is not advised to be short. WTI has a target higher to 107.68 valid whilst above 106.84. Support after that is at the 5 day around 106.30 and the 8 day around 106.23 – both are buys on dips. A close below the 8 would be negative. 

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Posted by Robin Bieber