Technical & Fundamental Oil Reports Specialists

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Holding, with upside potential. More work needed – watch the 5 and 8s

Published Thursday, August 14th, 2014

Yesterday commenced proceedings with all contracts holding support and with only Oct’ Brent having a target lower. It finished with support still holding, higher numbers generally, Oct’s Brent target negated by the close over 104.69, and looking like it was trying to bottom out and move higher. Heat’s performance in particular was impressive and it is above all the short term (s/t) MAs and assaulting the 34 day, around 289.70, in slingshot (s/s) fashion. The stochastics have all moved positive. The key to any further upside today and in the immediate future will be the action around the 5 and 8 day MAs. They are still potent and pivotal resistance on WTI, Brent, and RBOB. Heat and Gasoil are above them, but must hold on to these gains, and RBOB is just above the 8 but below the 5. Use these MAs as guides. The contracts have held key supports, have no targets lower, but now have more work to do on the upside. WTI has hardly moved from yesterday.

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Posted by Robin Bieber