Technical & Fundamental Oil Reports Specialists

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s/t MAs must hold for targets higher – Outlook becoming more positive

Published Friday, August 29th, 2014

The contracts are trying to bed in and move higher. Yesterday, however, after a promising start they fell back and in most cases had yet to confirm the upside. The most prominent market leaders at the moment are two unlikely candidates in the form of WTI and Gasoil, and to a lesser extent Oct’ Heat. These have closed over all their short term (s/t) MAs and have targets higher to 95.38 and 870.75. Heat should reach for 287.18, but has more work to do. The rest have yet to close over their 13 day MAs, which would confirm further momentum higher. They just did not seem ready to do this yesterday, despite the promising start to the day. They are all trying to move over the 13s at time of writing. Such closes would give us objectives higher and very likely the beginning of an up-trend. The stochastics are positive and support the bullish view.

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Posted by Robin Bieber