Technical & Fundamental Oil Reports Specialists

Follow us

Down-trend – Watch the key supports carefully today

Published Wednesday, October 1st, 2014

The contracts are in a vicious down trend. Rallies that started the day looking promising are ending in tears. It will take a lot to turn this down trend and it will need more than the odd hopeful close to confirm a change of direction. It is not advised to be long. After the failed rally yesterday to the short term (s/t) MAs and price cycle failure on RBOB at the 34 day MA the contracts fell apart and closed poorly. They are trying to move back over and hold key supports at 91.24 WTI; 266.05 Heat; 244.19 RBOB; and 791.75 Gasoil. Whilst Brent is below 95.60 it is in trouble. Watch these levels very carefully. Moves confirmed by closes below would green light the next series of targets lower to 89.84 WTI; 93.18 Brent; 264.19 Heat; 232.12 RBOB; and 747.50 Gasoil. WTI needs to hold the key 91.24 level or it acquires a target to 89.84. It has s/t MA resistance starting around 92.32/40 then around 92.67. Rallies to these s/t MAs are sells, which would only need be protected on a close over.

to read the rest of the report, please click here 

Posted by Robin Bieber