Technical & Fundamental Oil Reports Specialists

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Be patient and wait for developments.

Published Monday, July 21st, 2014

I was somewhat wide of the mark in my view, on Friday morning, that the up-trend was kicking in, and that targets higher were valid. The down trend was and is definitely on hold, but the contracts were not ready to buy in to the up-trend concept on Friday and failed. There are no targets either way at the moment and predicting the next prolonged leg is a hazardous operation. Support is holding and the stochastics are positive – this is not harmonious with a bearish view. In these conditions there are no targets lower. However the contracts, with the exception of WTI, are pretty much below the 5 day MAs, and these need to be moved and closed over to form a base from which to rally. The message is be patient here and wait for confirmatory action, in one direction or another. Sep’ WTI is ok. It is just above the 13 day MA around 101.82 and the c/p at 101.72. It is also above the 5 and 8 combo around 101.15

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Posted by Robin Bieber