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RBOB higher – The rest are languishing

Published Monday, September 22nd, 2014

All contracts bar RBOB are struggling. Friday’s rally fell apart on Nov’ WTI and Brent at the short term MAs, and Heat and Gasoil were not strong enough to even test these s/t MAs on their brief move higher. RBOB was altogether another matter and was in a world of its own. It moved up and over the 34 day MA, around 258.11, and acquired a target higher to 263.47/74. It, alone, has an objective above the market. The rest are still under pressure and it would not take much for them to acquire targets below the market. Moves and closes below key support are required for this and the support is holding at the moment. It is at 91.24 Nov’ WTI; 97.02/96.75 Brent; 270.28 Heat; and 820.75 Gasoil. Moves confirmed by closes (m/c) below these levels would be sells for the next leg lower. Nov’ WTI is above pivotal support at 91.24. A m/c below here would green light a leg down to 89.56 – sell such a m/c. It failed at the s/t resistances on Friday and these start around 92.20 (8 and 13) and 92.43 (13) – these are selling opportunities. Brent was similar. It failed at the s/t MAs today starting around 98.35 (5 and 8) then 99.21 (13). The 5 and 8s are sells on rallies. Support is in depth and strong starting at 97.48/42 then 97.02 followed by 96.75. There are no targets lower until 96.75 is m/cd below, whereupon the objective would become 95.63.

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Posted by Robin Bieber