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Up-trend clinging on – Watch WTI and RBOB for guidance

Published Monday, June 2nd, 2014

The up-trend continues to be in trouble but it has not proved possible to deal it a body blow with terminal consequences. It’s hanging on – WTI slid below its 5 and 8 day MAs and dipped to the 13, breached it a bit, and then closed right on it. RBOB dipped below both the 5 and 8s and then headed for the 13 which it held. The rest closed below all the s/t MAs on Friday and are in this condition today, except that Brent is recovering and right back at the s/t MAs clustered together between 109.79 and 110.02. In short, there remains a lack of harmony and until the up-trend’s condition is clear – either intact or broken – it’s advised to keep one’s exposure limited. Meanwhile the negative stochastics will continue to make any rally hard work. WTI is holding relatively well, despite wobbling quite a lot on Friday. It is holding the key 13 day MA, around 102.88.

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Posted by Robin Bieber