Technical & Fundamental Oil Reports Specialists

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Still vulnerable. Sell rallies to the 5 day MAs and watch the key supports.

Published Monday, October 13th, 2014

By Friday early morning targets lower had been hit on WTI 84.05; Brent to 88.49 and Heat to 251.25/00. These were profit taking areas both for these contracts and the rest. With three of the five contracts hitting objectives it was probably a good enough reason to flatten out on the rest. The contracts then rallied from the  overnight lows and the rest of Friday was spent pushing higher, but on this rally the only contract to near the 5 day MA was Gasoil and to a much lesser extent Heat. The “5 day gap” theory is a useful guide – Brent started the day $2.50 below the 5 day MA and finished it around $1.10.

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Posted by Robin Bieber