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In disarray – Watch RBOB at key 196.96 level

Published Thursday, November 27th, 2014

Yesterday’s price action was characterised by failures at the short term MAs which have green lighted targets back to the recent lows. These objectives are to 73.22 WTI; 76.76 Brent; 232.63 Jan ‘ Heat; 196.96 Jan’ RBOB; and 688.00 Gasoil. These levels are being tested at the time of writing and in every case, bar Jan’ RBOB, have been breached and the current price action is below them. RBOB is right on the key 196.96 level and this is now the most important pivot on the board. Below this level and RBOB would be joining the rest and looking for lower numbers. Whilst it holds treat the rest with caution – this makes 196.96 the most significant level on the board to watch today. A move then confirmed by a close (m/c) below would green light a target to 187.22 on Jan’ RBOB; and on WTI to 69.51; Brent 71.77; Jan Heat 228.40; and Gasoil to 661.75. The trend is resuming to the downside, but use Jan’ RBOB’s 196.96 as the gateway south and be careful whist it is holding.

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Posted by Robin Bieber