Technical & Fundamental Oil Reports Specialists

Follow us

Watch the 13s, particularly on RBOB around 305.81

Published Friday, June 27th, 2014

The lack of harmony regarding the upside potential earlier in the week with the contracts moving around their 5 and 8 day MAs, in an aggressive up-trend, but with negative stochastics has righted itself in that the market has failed at the 5 and 8s and the result has been a text book slingshot (s/s) move lower to the 13s. The contracts have now completed a logical price cycle and all eyes should now be on the 13 day MAs as the key pivots. The market must hold these or the up-trend is broken and we will see lower numbers. The most important support on the board is RBOB’s 13 day around 305.81 – this is the pivot to watch. RBOB will both set an example for the rest and also give early warning signals. At the moment it is holding the 13 – watch this carefully today. The up-trend is not dead whilst it holds. WTI held its 13 day yesterday, around 105.92 today, but has slipped below overnight. It needs to move back over 105.92 to be holding or it heads lower to 104.15 – the target on a move and close (m/c) below 105.92. Resistance is now the 13 around 105.92 then the 5 and 8s around 106.10.

to read the rest of the report, please click here 

Posted by Robin Bieber