Technical & Fundamental Oil Reports Specialists

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Increasingly vulnerable. Watch the 13 day MAs on most contracts.

Published Tuesday, March 31st, 2015

The contracts continue to struggle and although not breaking down yet – nor up for that matter – they look like testing supports again. The picture is turning gently more negative, but last ditch short term 13 day MA supports are generally holding. WTI, Brent and Gasoil are all below the 5 and 8 day MAs, but holding the 13. Heat is the same but at or just below the 13, and RBOB is below them all but holding the 55 day. These key 13 day MA supports are around 47.56 WTI; 55.64 Brent; 171.62 Heat; and 525.00 Gasoil. RBOB is just above the 55 day at 177.25 and well above the 34 day at 175.93. These supports need to be moved and closed (m/c) below to green light further weakness and objectives lower. Meanwhile another nail in the bull’s coffin is that the stochastics are negative on all but Gasoil, which is wobbling. The market has not broken down but, but remains under pressure. Watch the key supports today.

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Posted by Robin Bieber