Technical & Fundamental Oil Reports Specialists

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The market is stuck – Watch the s/t MAs for guidance

Published Friday, March 6th, 2015

The contracts remain stuck with no targets in either direction. The crudes are performing a lot better than the products. The latter look vulnerable but have not conclusively moved and close (m/c) below support. Heat is the only contract below all the short term (s/t) MAs. The rest in one form or another are holding one or more of these MAs and whilst this is the case there are no objectives below the market.  The stochastics are positive on WTI and negative on the rest. There is a continued lack of harmony and it’s advised to wait for developments. WTI is above all the s/t MAs, which cover the area from 50.69 (5) to 50.30 (8). A m/c below the 8 would not be great but it needs a m/c below the 34 day at 49.99 to green light targets lower. Yesterday’s rally was halted by the long term c/p at 52.40 (38.2% of 10.35/78.40). There are no targets higher until this level is closed over.

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Posted by Robin Bieber