Technical & Fundamental Oil Reports Specialists

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Watch key resistance levels – 34 day MAs. Price cycle completed. Be careful.

Published Friday, March 27th, 2015

The market surged higher yesterday hitting targets and closed respectably. However, it has slipped overnight and is below pivotal resistances in all cases. This is a bit of a concern for the bulls. It may yet go higher but it has got to navigate through some hefty resistance, notably the 34 day MAs on WTI, Brent, and Gasoil and some potent levels on RBOB too. There are no targets higher until there are closes back over 50.69 WTI (34 day); 58.83 Brent (34 day); 185.55 (range) then 187.21 (100 day) RBOB; and 558.25 (34 day) Gasoil. These are dangerous levels – be careful. The contracts have completed a price cycle by reaching them. They now need moves confirmed by closes (m/c) above them to green light the next leg higher. Be cautious around them. WTI hit its intra-day target higher to the long term c/p at 52.40. It closed below here.

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Posted by Robin Bieber