Technical & Fundamental Oil Reports Specialists

Follow us

Watch the 5 and 8 day MAs. Observe RBOB very carefully.

Published Monday, October 20th, 2014

The contracts are holding. There are no targets lower at the moment. The bull/bear pivots held as support on Friday and were all closed above. The next leg is in the hands of the 5 and 8 day MAs. The crudes actually closed below the 5s but only by a miniscule amount. The rest held but remain below the 8. A snapshot of the action now is that all contracts have held or moved back over the 5s and are below the 8s – the 5 and 8s are the key. However, the most important contract on the board has now become RBOB. It has held the key 50% long term correction point at 220.80 (50% of 363.10/78.50) and has moved over both its 5 and 8 day MAs. This is constructive. If this is one of RBOB’s early warning signals for what’s in store for us then the bears should be very careful.

to read the rest of the report, please click here 

Posted by Robin Bieber