Technical & Fundamental Oil Reports Specialists

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The 5 and 8s will determine the next leg – also watch RBOB at 291.51 and 295.43 c/ps

Published Monday, June 9th, 2014

The headline to today’s report is the same as Friday’s except for the addition of a comment on RBOB. The next leg will be determined by the action at the 5 day supports and 8 day resistances on most contracts. RBOB however will also contribute by its action around the key c/ps at 293.51 and 295.43. A move and close (m/c) beyond either extremity will give clarity and credibility to the next move. The daily stochastics are very low and in some cases, like Heat and Gasoil, have flipped positive making a rally easier work. The contracts are still undecided and not moving harmoniously. It’s advised to keep exposure limited whilst the next leg is uncertain. WTI has moved over its 5 and 8 day MAs co-located around 102.76/66, along with the b/b pivot and now needs to hold these gains in order to assault the 103.11/16, range and 13 day, level.

to read the rest of the report, please click here 

Posted by Robin Bieber