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Sit tight and watch the 55s as pivotal resistance and the s/t MAs as support

Published Tuesday, February 10th, 2015

The contracts have, for the past month, been not only bottoming out but recovering from massive and almost unprecedented losses. At the moment there are no targets either way. The upside potential has for the moment hit a brick wall in the form of range resistance and the 55 day MAs. The range resistance is pretty much the highs of the recent move higher and where the contracts are, with the exception of Gasoil, having trouble. These levels are at 54.24 WTI; 60.08 April Brent; 187.47 Heat; 162.60 RBOB; and 555.50 Mar’ Gasoil.  This strong resistance is further strengthened by the close proximity of the key 55 day MAs – these are rare beasties that seldom make a stage appearance but are the logical extent of this recent move higher following the break out over the 34 day MAs. The 55s are the next Fibonacci number and the slingshot target. Closes over the 55s (and the range resistances) would give us some serious slingshot upside potential and be bullish. These key resistances (and in most cases achieved targets) are at 55.77 WTI (not achieved yet); 59.94 Apr’ Brent; 186.42 Heat; 157.92 RBOB; and 550.00 Mar’ Gasoil.

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Posted by Robin Bieber