Technical & Fundamental Oil Reports Specialists

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Downtrend in place, but key supports holding……just

Published Wednesday, August 13th, 2014

The attempts to hold yesterday failed and the weakness continued. The price action was classic downtrend in that the rally was destroyed by the combination of the 5 and 8 day MAs – this is a down trend hallmark. The ensuing weakness took all the contracts down to intra-day (i/d) target levels, which were either breached and the next objective lower subsequently reached, or held. All contracts, bar Oct’ Brent, held the i/d target supports and there are no further objectives below the market for the moment. Moves and closes below the key supports would green light further weakness, and these pivotal supports are on WTI at 97.17 then 96.55/43; 102.98 Oct Brent, (the target lower); 284.20 and 283.13 Heat; 272.12 then 269.83 RBOB; and 870.75 and 868.00 Gasoil. These are key supports and the contracts must hold them or there will be valid targets lower. The trend is down. It is not advised to be long. WTI has held key support at 97.17 (200 day) then 96.55/43. It would need a m/c below 96.43 to green light a target lower initially to 95.79.

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Posted by Robin Bieber