Technical & Fundamental Oil Reports Specialists

Follow us

Watch RBOB at 198.14 – it holds all the clues

Published Monday, March 2nd, 2015

There is a de-link between WTI and the rest. The latter look strong, frisky and are above all the short term (s/t) MAs whilst the former is stuck and below all the s/t MAs. The contracts are running up to important s/t targets and very potent resistance. The most important resistance on the board is RBOB at 198.14 – the 100 day MA. Be careful here. The rest have some key pivotal resistances to watch too – Brent at 63.00; Heat at 198.99; and Gasoil at 597.00 then 605.50. These are all the objectives on the move over the s/t MAs last week and in all but Heat’s case have been achieved. (Brent just shy by 17c doesn’t really matter). It’s time to be careful and watch RBOB. WTI is the ugly duckling and de-linked from the rest. It is at the 5 day around 49.52 and has the 8, around 49.96, and the 13 around 50.95 to contend with on any further strength. It is struggling with no targets either way. Whilst above the continuation 34 day MA around 48.92 there are no targets lower, but expect this MA to be tested during the course of the day. Brent is doing ok and has, to all intents and purposes, hit its target to 63.00. This was validated on the move and close (m/c) over all the s/t MAs. There are no objectives higher until it can m/c over 63.00 whereupon the target would become 64.84 but with serious potential to reach 65.46. It is in respectable shape whilst above the highest s/t MA around 61.04.

to read the rest of the report, please click here

Posted by Robin Bieber