Technical & Fundamental Oil Reports Specialists

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Downtrend – Sell rallies to resistance

Published Monday, August 18th, 2014

The trend remains down, but the contracts have no further targets lower at the moment, other than on Gasoil to 853.00. The stochastics are negative on all but Oct’ WTI. By Friday morning key supports had pretty much held on all contracts, and more downside was on hold any way prior to the market rallying in the afternoon. The key levels that now need to be closed below are on Oct’ WTI at 95.13 (to have a target to 93.72); Brent 102.36 (to have a target to 101.63); Heat 283.12 (to have a target to 281.41); RBOB 267.07 (to have target to 264.46). RBOB support at 267.07 is pivotal and the most important support on the board. The key resistances are largely the 5 day MAs, but in addition closes on OCT WTI over 95.13; Heat 282.40; and RBOB above 269.83 would make further upside likely. Watch these levels carefully. Oct’ WTI has 95.13 as a pivot. Below here and it acquires a target lower to 93.72; above and it makes a rally to the 5 day around 95.48 very likely. This is a sale but protect against a move and close (m/c) over as this would make a further leg up to the 8 day around 96.02 very likely. Watch 95.13 and the 5 day carefully today.

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Posted by Robin Bieber