Technical & Fundamental Oil Reports Specialists

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Watch the long-term 50% c/ps on the crude – No targets lower at mom’

Published Tuesday, October 7th, 2014

It is time to be very careful. The closes last night negated targets lower and it’s advised to adopt a wait and see policy. There are some critical long term key c/p supports on the crudes that have held and there are no targets lower across the board whilst this is the case. They are on WTI at 89.84 (key 50% c/p of 147.27/32.40); on Brent at 92.33 (100 month MA) then 91.85 (50% c/p of 147.50/36.20). Moves and closes (m/c) below these supports would open the way for further weakness – but not until. Much less strong but important support on Heat is at 261.24 and RBOB 239.01 – both bull/bear pivots. The stochastics are low and wavering – if they flip positive bears would worry.

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Posted by Robin Bieber