Technical & Fundamental Oil Reports Specialists

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Failed at the 5 day MAs. Lower. Sell rallies.

Published Friday, March 13th, 2015

The market is in trouble again. The rally failed at the 5 day MAs and the closes were poor. WTI has a target lower to 44.37 and Gasoil to 528.75. The rest are hovering just above or at pivotal supports, where moves confirmed by closes (m/c) below would green light the next leg down. These key supports are at 57.16 May Brent; 176.33 Heat; and 180.11/00 RBOB. The craven way that the contracts failed at the 5 day MAs – RBOB actually made it up to the 8 day before failing and Brent neared the 8 – makes further weakness likely. It’s advised to stick with the trend. WTI failed at the 5 day – today around 48.13, a sell – and headed south to m/c below key support at 47.80.

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Posted by Robin Bieber