Technical & Fundamental Oil Reports Specialists

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Watch the 13s – Upside potential developing

Published Wednesday, October 29th, 2014

Last night every contract – less WTI – closed over its 5 and 8 day MAs and had completed a slingshot (s/s) move higher to, but not closed over, the 13 day MAs. This was text-book recovery action and is virtually as far as the contracts can rally back to before they acquire targets higher. This morning every contract, bar WTI, is above the 5 and 8s and have now rallied over the 13s. WTI is above the 5 and 8s but still just below the 13. The key now to the next leg is the action at the 13s on WTI around 81.79; Brent 86.25 (5 day) then 86.03 (13); Heat 249.09; RBOB 219.69; and Gasoil 739.00. Moves confirmed by closes (m/c) over the 13s – and the market is over them at the moment – would be bullish and green light more recovery and another s/s move to the 34 day MAs around 86.98 WTI; 91.67 Brent; 260.03 Heat; 235.03 RBOB; and 779.50 Gasoil. In short, there’s some upside on m/cs over the 13s – watch them like hawks today – they are the most important pivot levels on the board.

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Posted by Robin Bieber