Technical & Fundamental Oil Reports Specialists

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Lower – run shorts to the targets; Sell rallies to the 5 and 8s

Published Wednesday, January 14th, 2015

The trend is down – stick with it. Run shorts to targets areas and sell rallies to the 5 and 8 day MAs. Do not be long. I apologise for the broken record but it’s difficult to find a different way of describing the only dish that has been on the menu for the last six months. The contracts are now approaching target areas so a bit of care is advised. WTI has hit its objective to 45.95 and 44.38. It closed over the latter so be a bit cautious. March Brent hit its target to 48.18, closed below and now has an objective to 44.10. Be careful if the Feb.’ contract hits and holds 44.10. Heat hit its objective to 164.32 and 163.62 and now has a target lower to 147.73. RBOB has an objective to 117.83. Gasoil is very close to its target to 451.50 – the low was only a little over $2.00 away yesterday. WTI hits its objectives to 45.95 and 44.38, and held the latter. This is an important level – it is the long term 50% c/p of the move 10.35/78.40. Shorts should have been covered and only re-entered on a move and close (m/c) below 44.38 for the next leg down to 36.35. Meanwhile rallies to the 5 and 8 around 46.90 and 47.63 are sells.

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Posted by Robin Bieber