Technical & Fundamental Oil Reports Specialists

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Down trend – Watch RBOB; Let the market pan out today

Published Monday, July 7th, 2014

The trend is down. It is not advised to be long. There are tentative targets lower on all contracts at the moment, but they are a bit fragile because the activity over the long US weekend gives us a brief period where participants are likely to have been limited and not too much can be read into the activity. In other words it’s advised to sit on one’s hands a bit and wait for developments today. The potential targets are on WTI to 103.44, valid whilst below 104.14; on Brent to 110.40, valid whilst below 111.03; on Heat to 288.00 valid whilst below 293.56; on RBOB to 300.40, valid whilst below 302.21; and on Gasoil to 896.00, valid whilst below 903.75. WTI has a target lower to 103.44, valid whilst below the 34 day at 104.14. A move and close (m/c) below 103.44 opens the way for a larger leg lower to 102.40. Resistance after 104.14 is at the 5 day round 104.33, a sale, with further at the 8 day around 104.83, also a sale. Brent has a tentative target lower to 110.40, valid whilst below 111.03. A m/c below 110.40 would green light a leg down to 109.41 (100 day). Resistance is at 111.03 (34 day) then 111.19, the 5 day and a sale, followed by the 8 day around 111.84, also a sale.

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Posted by Robin Bieber