Technical & Fundamental Oil Reports Specialists

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Lower

Published Monday, October 6th, 2014

The contracts continue in a relentless down trend. There is more harmony today with the key technical indicators all saying the same thing – lower. The action is below all the short term (s/t) MAs and the stochastics are negative. Some key supports have failed – not by much – and the odds are on lower numbers with valid targets south. The objectives are on WTI to 86.48, valid whilst below 89.84; on Brent to 88.49, valid whilst below 92.35; on Heat to 252.73 valid whilst below 263.40 (5 day); on RBOB to 220.80 valid whilst below 241.06; and on Gasoil to 757.75 valid whilst below 791.50. The 100 month MAs have failed on Brent; RBOB and Gasoil. Stick with the trend. Sell rallies to the s/t MAs. It is not advised to be long. WTI has just failed to hold above the key c/p at 89.84. It closed 10c below there on Friday. Whilst it is below here it has a target to the 100 month MA at 86.48. Resistance is at the 5 day and b/b pivot around 90.45/58 and then the 8/13 combo around 91.61/67 – these are sells.

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Posted by Robin Bieber