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Targets lower are being hit with more valid. Down trend conditions – Sell rallies

Published Tuesday, March 17th, 2015

The contracts remain in a down trend. Targets lower are being hit on the way south, and expect some short covering and violent price action around here. Objectives lower were hit on WTI to 44.38/37 and 43.58; Heat to 171.25; RBOB to 174.29; and Gasoil to 508.75. There remain targets lower on Brent to 52.25, valid whilst below 54.57; Heat to 154.80, valid whilst below 171.25; RBOB to 168.47 valid whilst below 174.29. Gasoil needs a move confirmed by a close (m/c) below 508.75 to green light a leg down to 458.75. Protect shorts against m/cs above the aforementioned resistance levels, and sell rallies to the 5 day MAsWTI hit its objectives to 44.38/37 and 43.58. It did not close below the latter so there are no targets lower here at the moment. It needs a m/c below 43.58 to green light a further leg down to 36.35. Watch 43.58 carefully today on any weakness.

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Posted by Robin Bieber