Technical & Fundamental Oil Reports Specialists

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Stick with the down trend

Published Tuesday, July 8th, 2014

The trend is down. Rallies to the 5 day MAs have been reliable selling opportunities in the move lower and remain so – as are moves and closes (m/c) below support for the next leg lower. Targets lower were hit yesterday on WTI to 103.44; Brent to 110.40; and RBOB to 300.40. There are valid objectives below the market on Heat to 288.00; RBOB to 297.68; and Aug’ Gasoil to 883.25. Shorts should be run to here. WTI now needs a m/c below 103.44 to green light the next objective lower to 102.47 and Brent needs a m/c below 110.16 to activate the next short dip to 109.41 but with potential to reach for 109.05. The stochastics are negative albeit very low. WTI needs a move, confirmed by a close (m/c), below 103.44 to have a target lower to 102.27 (100 day). After that the next serious support is not till 100.93. Resistance is at the 5 day round 103.85, a sell, followed by the 8 day around 104.46, also a sell.

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Posted by Robin Bieber