Technical & Fundamental Oil Reports Specialists

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Lower

Published Tuesday, June 3rd, 2014

The move below the short term MAs on WTI and RBOB was the nail in the coffin for the up-trend. These formerly resilient contracts have now joined the rest in looking vulnerable and likely to head lower. The stochastics are negative and support the bearish view, and one where rallies to the s/t MAs are selling opportunities. It is not advised to long. Run shorts to targets areas where valid or sell rallies to resistance. WTI slid below the 13 day MA and in the process green lighted an intra-day (i/d) target lower to the c/p at 102.06. This was virtually hit with a low at 102.10. It now needs a move and close (m/c) below 101.97 (34 day) to activate the next objective lower to 101.30, a c/p. A m/c below here would give it a further target lower to 100.54. Resistance is at 102.73/81 (b/b and 5 day) followed by 102.88 (13 day) – both are sales on rallies.

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Posted by Robin Bieber