Technical & Fundamental Oil Reports Specialists

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Support has held – be careful. Watch the 5 day MAs.

Published Tuesday, October 14th, 2014

The trend remains down, but do not be surprised to see a move up to the 5 day MA resistances, or even the 8s tested in the immediate future. The key supports have held, even though Brent, this morning, has slid below, which may well be just intra-day “noise”. These critical pivotal supports are at 84.05 WTI; 88.49 Brent; 252.62 down to 251.00 Heat; 220.80 RBOB; and 751.50 Gasoil. There are no further targets lower whilst these levels hold. Moves and confirmed by closes (m/c) below would green light the next set of objectives lower on WTI to 83.34 then 77.28; Brent to 82.30; Heat to 228.40; RBOB to 213.25; and Gasoil to 708.00. These targets only come into play on m/cs below the key support. The clue to the next leg is held by the action at this support and what occurs at the 5 day MAs, which are trend following immediate resistance just above the current values around 85.93 WTI; 89.74 Brent; 255.40 Heat; 226.96 RBOB and 765.50 Gasoil.

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Posted by Robin Bieber