Technical & Fundamental Oil Reports Specialists

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Targets being hit – lower likely

Published Monday, March 16th, 2015

The trend is down – stick with it. There are targets lower, that in most cases, have been hit by the overnight action, to 44.48 WTI; May Brent to 54.47; 171.25 Heat; 174.29 RBOB: and 508.75 Gasoil. Every contract bar Gasoil has hit these targets. These objectives are strong support and care around them is advised. The next set on objectives on moves confirmed by closes (m/c) below would be to 36.35 WTI; 52.25 Brent; 154.80 Heat; 168.47 RBOB; and 458.75 Gasoil. The stochastics are negative, and low, but support softer numbers. WTI closed below a very important monthly up-trend line around 46.32. This line connected up the major lows from 10.35 (Dec 1998) then 16.70 (Nov 2001) and then 32.40 (Dec 2008). This is only the second time it has been moved below – the last was two months ago when the market made a low at 43.58 and bounced. A m/c below 44.38 today would however be a sell and green light the next leg lower to 36.35.

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Posted by Robin Bieber