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Price cycle completed. Watch last ditch s/t MAs and important RBOB. Be careful

Published Monday, March 30th, 2015

Thursday and Friday’s attempts to go higher would appear to have pretty much run out steam, and the contracts are looking vulnerable again. They have, for the most part, completed a price cycle – up through and above the short term (s/t) MAs to the 34…..and failed. May Heat was the only contract to fail to reach the 34s. May RBOB, in addition, exceeded the 34s and hit the 100 day, today at 187.48, where it dumped.  They have all completed a price cycle, faltered, and failed and, with that in mind, it’s best to adopt a neutral profile. The daily stochastics are wobbly and have moved negative on RBOB. This could well be another of RBOB’s early warning signals – be careful! WTI and Gasoil are below the 5 day MAs, but above the 8 and 13; Brent and May Heat are below the 5 and 8s, but above the 13s; whilst May RBOB is below them all. Look for the s/t MA supports to come under pressure.

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Posted by Robin Bieber