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Initial dip then higher

Published Thursday, June 12th, 2014

The trend is up. There are targets higher on Aug’ Brent to 110.16; RBOB to 301.65/72 and Gasoil to 898.25, but it must stay over 894.50. It is not advised to be short. The stochastics are positive and supportive. The gap between the price action and the 5 day MAs has narrowed and is now much more tenable, and dips to the 5 day MAs are a buy. They were reliable, and buyable, initial supports on the dip yesterday. WTI has already hit its target higher to 104.99, and does not acquire a further one till it moves and closes (m/c) over 105.22, whereupon the objective would be to 106.46. Initial support is at 104.22, then the 5 day around 104.08, a buy, followed by the 8 day around 103.52, also a buy. Aug’ Brent has a target higher to 110.16, valid whilst over 108.99. Further resistance is at 110.32 and it would need a m/c over here to green light the next objective higher to 111.04.

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Posted by Robin Bieber