Technical & Fundamental Oil Reports Specialists

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Down trend conditions – Sell rallies

Published Friday, January 16th, 2015

The trend remains down but the pace is slowing a bit. This is manifested by the fact that virtually all the contracts are trying to move back over the 5 day MAs. Whilst below the 5s the trend is still relentless and the speed of the falls swift. Being above the 5s would suggest a slingshot (s/s) move higher to the 8 and 13s, which are a sell. The contracts are still deemed to be in a down trend whilst below the 13. Rallies to the 8 and 13s yesterday proved good and profitable selling opportunities – they still are! Targets lower are on hold for the moment. Poor closes are now needed to green light the next set of targets lower. Moves confirmed by closes (m/c) on WTI below 45.95 and Brent below 47.99 are needed to give us objectives lower on all contracts to 44.38 WTI; 44.10 Brent; 147.73 Heat; 117.83 RBOB; and 451.50 Gasoil.

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Posted by Robin Bieber