Technical & Fundamental Oil Reports Specialists

Follow us

Watch the crudes at the 34s and RBOB b/b pivot at 301.93 – Trend still down

Published Friday, July 4th, 2014

The trend remains down but attempts on the crudes are being made to hold. They have completed a price cycle down to the 34 day MAs and were, by last night’s closes, holding. WTI has just slipped below its 34 at 104.07 and Brent’s 34 is key support at 110.99. The rest look ragged and vulnerable but targets lower are on hold whilst the crudes hold the 34s. A failure there would green light objectives below the market on WTI to 103.44 then 102.41; Brent 110.40 then 109.39; Heat 288.00; RBOB 300.40; and Gasoil to 896.00. The scene is set for lower numbers but we need the crudes below the 34s. An additional guide would be RBOB’s bull/bear pivot at 301.93 – below there and it is struggling; above and attempts are being made to hold and push a bit higher. Watch 301.93 – it’s a useful pivot. The stochastics, meanwhile, are negative, but a bit low. WTI needs to hold above 104.07 (34 day) or it’s in trouble and could easily head lower to 103.44. A move and close (m/c) below there would green light a target lower to 102.41 (100 day). Resistance at the moment is at 104.07 then nothing serious till 104.60/65 (34 and 5 day) – a sell.

to read the rest of the report, please click here 

Posted by Robin Bieber