Technical & Fundamental Oil Reports Specialists

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All targets lower have been hit. Recovery to the 5 day MAs likely, which are a sell.

Published Thursday, March 12th, 2015

WTI hit its target lower to 47.80 yesterday and held. The rest of the contracts had no objectives below the market as they had all hit and held these targets on Tuesday. The contracts are now experiencing a correction back up and the first hurdle will be the 5 day MAs. They all started the day yesterday having completed a price cycle – from s/t MAs down to the 34 day MAs and/or important correction points – with no targets lower (other than on WTI), and a good way below the 5 day MAs. Normally large gaps between the 5 day and current price action need to be narrowed. This is exactly what happened and the 5 day are key resistances today. A move over the 5s would give the contracts a slingshot (s/s) move higher to the 8s. A failure at the 5s would mean re-visiting the supports and recent lows.

to read the rest of the report, please click here

Posted by Robin Bieber