Technical & Fundamental Oil Reports Specialists

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Breakouts in higher place; Support pivots need to hold. Watch RBOB.

Published Tuesday, February 17th, 2015

The technical picture has not changed much from yesterday. Four of the contracts continue to have targets higher – on Brent to 64.84; Heat to 206.39; RBOB to 177.24 and Gasoil to 617.00. Key supports must continue to hold for these objectives to be valid, and these are at 60.08 Brent; 196.14 Heat; 162.60 RBOB and 574.00 Gasoil. RBOB closed just below the pivotal 162.60 last night but by only 2 points and it was also a holiday in the US so one should watch this very carefully today. WTI does not acquire a target higher until it can close over the range resistance at 54.24. WTI is bumping up against the 55 day MA resistance at 53.60 and the range resistance at 54.24. It has no target higher until it can move and close over 54.24, and in the event of this occurring would acquire an objective higher to 59.53. Support is at the 5 and 8 day combo around 51.77/68. This must hold to keep the upside momentum intact (true on all contracts).

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Posted by Robin Bieber