Technical & Fundamental Oil Reports Specialists

Follow us

At key supports, be careful – Watch Heat and RBOB

Published Monday, September 15th, 2014

The attempt to recover on Friday was destroyed by the 5 day MAs on every contract bar WTI, which had initially done better and moved over the 5 to the 8 and 13 and failed at the latter. It was text book down trend action – rally to the 5s and then fall apart. I must admit I had thought that the contract would do better. The failure caused a nasty move south with poor closes on every contract bar RBOB, which held its key support at 251.86. The poor closes green lighted objectives back to the recent lows at 90.43 WTI; 97.48 Nov’ Brent; 272.66/55 Heat (an old but very important continuation low); 249.68 RBOB (activated on the overnight move below 251.86); and 826.50 Gasoil. These objectives have been neared but not quite hit on WTI and Gasoil, and hit and held on Heat and RBOB. Nov’ Brent has slid below 97.48 and whilst below has a potential objective to 96.75, but watch the rest for a bit of guidance. The stochastics are negative, but low.

to read the rest of the report, please click here 

Posted by Robin Bieber