Technical & Fundamental Oil Reports Specialists

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Up-trend; Buy dips

Published Wednesday, June 18th, 2014

The 5 day MAs held the contracts on the dip yesterday. There are targets higher on most contracts – on Brent to 114.07 valid whilst above 113.02; Heat to 303.67 valid whilst above 300.98; and RBOB to 310.16 valid whilst above 308.26. WTI did not close well enough to have an objective higher and Gasoil needs to close over its achieved intra-day target at 929.50 to have an objective to 934.00. The outright action has now caught up with the 5 day MAs. The stochastics are positive, if a little high and wobbly. The trend is up. It is not advised to be short. WTI has not got a target higher. It needs to move and close (m/c) over 107.68 to green light an objective higher to 108.99. Meanwhile it has slipped below the 5 day around 106.68. This suggests a dip back to the 8 day around 105.82, a buy. A m/c below the 8 would be negative and suggest more of a dip. Brent closed over the resistance at 113.02 and has, as a result, green lighted a target back up to 114.07. It also held the 5 day on the dip yesterday. This MA is buyable support around 112.84 today.

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Posted by Robin Bieber