Technical & Fundamental Oil Reports Specialists

Follow us

Down trend intact whilst below the 8s. Watch 5 and 8s carefully.

Published Friday, October 17th, 2014

The trend remains down but, for the most part, targets lower have been hit and adopting a neutral profile whilst the contracts make up their minds, is advised. Some very important long term (target) levels have been neared or hit and held. For example, Brent has come close to the 82.30 (low of 82.60) 50% c/p of the near six year move from 36.20 up to 128.40. Missing a six year target by 30c is no big deal. RBOB – a very important contract to watch – has come to within 24 points of its similar six year 50% target at 213.25. This makes the area of yesterday’s lows and recovery points very important. The contracts have rallied but are mostly below the 8 day MAs. All contracts, bar Gasoil, made slingshot move from the 5 to the 8 and failed there.

to read the rest of the report, please click here 

Posted by Robin Bieber