Technical & Fundamental Oil Reports Specialists

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Upside more likely, dips to MA supports a buy – Trend is up

Published Wednesday, June 11th, 2014

The trend is up. It experienced some profit taking yesterday after WTI hit its target to 104.99 and the rest bumped up against resistance. The short term (s/t) MAs are below the market as buyable support on the crudes and RBOB.  Heat and Gasoil are above the 5 and 8s but have yet to move and close (m/c) over the 13s. RBOB remains with a target higher to 301.65. The stochastics are positive and only mid-range giving us “meat on the bone” for more upside. It is not advised to be short, rather buy dips to the s/t MAs or good m/cs for the next leg higher. WTI hit its target higher yesterday to 104.99. It now has no objective higher until it can m/c over 105.22 – strong resistance and an area to be careful at. A m/c over 105.22 would green light a leg higher to 106.94. Support is at 104.22 and upside potential is maintained whilst above here with the highest s/t MA around 103.68.

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Posted by Robin Bieber