Technical & Fundamental Oil Reports Specialists

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Down trend new and not secure – Tread carefully and watch the 5s

Published Wednesday, July 2nd, 2014

The down trend is bedding in, but by no means secure. WTI does not look comfortable at these levels and is testing resistances – it made a slingshot move (s/s) above the 5 and up to the 13 yesterday before failing. RBOB and Gasoil both completed a price cycle by hitting their 34s and holding – this represents a s/s move below the s/t MAs and heading for the next logical level. There are no targets lower at the moment – support has held. The trend is down, but still a little precarious – closes below support would settle it in nicely, but that has not happened yet. Rallies to the 5 day MAs are sales on all but WTI where it’s advised to wait for a rally up to the 8 and 13 combo around 105.80/92. WTI is trying to hold and needs careful watching. It is above key support at 105.22 (range) and 104.99 (c/p). There are no targets lower whilst these hold – they have for the last two days. A m/c below 104.99 would point to a leg lower to 104.49 with real potential to slide to 103.89.

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Posted by Robin Bieber