Technical & Fundamental Oil Reports Specialists

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Higher – stay on long side. Buy dips or good closes for their next leg up.

Published Thursday, June 19th, 2014

The trend continues higher. Dips to the 5 day MAs are buys and have been good purchases for the past two days. Targets higher have been hit yesterday on Brent to 114.07 and now a move and close (m/c) over 114.69 would green light the next objective higher to 116.16; Heat to 303.67 and the close over has activated the next target higher to 304.83; RBOB to 310.16 and it now needs a m/c over here to green light a leg higher to 310.95/311.23 area; and Gasoil to 934.00 and the m/c over has activated the next leg up to 940.00. The stochastics are positive, but a bit high. The mood is positive. It is not advised to be short – rather buys dips to the 5 day MAs or good closes for the next leg higher.

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Posted by Robin Bieber