Technical & Fundamental Oil Reports Specialists

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Breakouts higher in place – Supports need to hold

Published Monday, February 16th, 2015

The recovery continues. I had felt in the middle of last week that the market was about ready to collapse again, but was totally wrong – apologies. I don’t trust this move but one can’t fight the numbers. Every contract bar WTI has staged a breakout and whilst the support levels hold there are objectives higher. WTI needs to move and close (m/c) over 54.24 to acquire a target higher to 59.53. Brent has an objective higher to 64.84, valid whilst 60.08 is not closed below; Heat to 206.39 valid whilst 196.14 is not closed below; RBOB to 177.24 valid whilst 162.60 is not closed below; and Gasoil to 617.00 valid whilst 574.00 is not closed below. Should there be closes back below these key pivotal supports then take protective action. The market is in a highly volatile condition and being the wrong side could be very painful.

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Posted by Robin Bieber