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Lower end of the range under serious pressure – Watch RBOB at 255.61

Published Tuesday, September 9th, 2014

The contracts recovered from the lows and closed well enough to put targets south on hold. In the process intra-day (I/d) targets lower were hit on WTI to 91.77; Brent to 99.66 and Heat to 279.67. RBOB remains a key contract to watch and specifically the main question is whether it can hold the critical 255.61 level. This looks like coming under serious pressure and a move confirmed by a close (m/c) below 255.61 would put pressure on the rest of the contracts. This is in danger of happening early today. The key support pivots on the rest are at 92.50 WTI; 100.17 Brent; 280.80 Heat; 253.71 (after 255.61) RBOB; and 848.00 Gasoil. If these fail look for a move lower to initially 91.77 then 91.24 WTI; 99.66 then 98.76 Brent; 277.50 Heat; 253.91 then 251.86 RBOB: and 835.00/834.25 Gasoil. The bottom end of the range is holding…just, but looks like coming under serious pressure again today. WTI needs to hold 92.50 or it will have a target green lighted down to 91.77 then 91.24 followed by 85.61. As such 92.50 is a very important level to watch. Resistance is at the 5 day around 93.77 then 93.92 (13 day) followed by 94.03 (8 day).

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Posted by Robin Bieber