Technical & Fundamental Oil Reports Specialists

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Down trend condition, expect volatile action. Do not be long

Published Thursday, January 8th, 2015

The trend remains down and relentless. Targets south are being regularly hit. It’s advised to stick with the trend and continue to employ bearish tactics. It is not advised to be long. The price action is likely to become increasingly volatile. There are targets lower. These are on WTI to 45.95; Brent 47.99; Heat 163.62; RBOB 117.83 and Gasoil to 451.50.  In all but Gasoil’s case the targets are long term up-trend lines starting back at the lows of 1999, and for Gasoil it is a long term correction point. Right now it is advised to be flat here and wait for the targets to receive final validation by moves confirmed by closes below yesterday’s bull/bear pivots at 48.07 WTI; 50.75 Brent; 169.86 Heat; 133.93 RBOB; and 479.75 Gasoil. Sell m/cs below here for further weakness, and in the meantime sell rallies to the 5 and 8 day MAs.

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Posted by Robin Bieber