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Downtrend – Sell rallies to resistance

Published Tuesday, August 19th, 2014

The trend is down. Intra-day (i/d) targets lower were hit yesterday to 93.72 WTI; 101.63 Brent; 282.20 and 281.41 Heat; and a longer standing objective on Gasoil to 853.00 was also reached. The most important support on the board at 266.07 on RBOB was breached, but we’re back over it again this morning. The market may well recover a bit more but any move near to or at the 5 day MAs is a sale. In addition, any move then confirmed by a close (m/c) below the erstwhile targets mentioned above are sales for a further series of targets lower to 91.77 WTI; 99.67 Brent; 277.75 Heat; 261.85 RBOB; and 834.25 Gasoil. The stochastics are negative and are harmonious with the move lower. Stick with the trend. It is not advised to be long. Oct’ WTI hit, and is now above, its objective to 93.72. It would need a m/c below 93.72 to green light the next objective lower to 91.77. Resistance is at the bull/bear (b/b) pivot at 94.28 then the c/p at 95.13, and finally the 5 day round 95.57, a sale. Brent is similar and is now above its achieved target at 101.63. A m/c below there would activate the next leg down to 99.67/66. Resistance is at the b/b at 102.21 then the 5 day round 102.82, a sale.

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Posted by Robin Bieber