Technical & Fundamental Oil Reports Specialists

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Dangerous conditions but in a down trend

Published Monday, July 14th, 2014

The market continued to head south on Friday, and the price carnage re-instated the validity of the down trend as supports gave way. Intra-day (I/d) targets lower were hit on all contracts and there are valid objectives lower on WTI to 99.94; Brent to 105.79 and RBOB to 288.87. Heat and Gasoil both hit their targets lower, to 285.38 and 883.25, but managed to close over thereby negating further downside progress for the time being. The stochastics are negative but very low. The trend is down. It is not advised to be long – rather run shorts to target levels lower. Rallies to the 5 day MAs are sells whilst the stochastics are negative. WTI has an objective lower to 99.94 valid whilst below 100.76. Cover shorts either at 99.94 or on a m/c over 100.76. The 5 day MA comes in around 102.01, and is a sell on a rally. Brent hit and closed below its i/d target to 107.23/11, and now has an objective lower to 105.79 (range).

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Posted by Robin Bieber