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Watch RBOB very carefully around 180.11/09 today and the rest at the 5 and 8s

Published Tuesday, March 24th, 2015

The market continues to lack harmony – positive stochastics but still below the 13 day MAs – but the next day or so should clarify the situation. RBOB is going to play a central role in this – it is the only contract currently above all its short term (s/t) MAs, but at last night’s close was still below the 13. The area around 180.11/09 – the 13 day and a c/p – is the most important level on the board to watch today. A m/c over would give the rest the lead and make an attempt to move higher all the more likely. In short, watch RBOB. The other contracts, less Heat, are all above the 5 and 8 day MAs but below the 13s. This is fine but by no means conclusive proof that they are about to break higher. The 13s are serious resistance and areas for great care. Meanwhile, Heat is below all the s/t MAs and hardly a willing participant. Watch RBOB for guidance. WTI is above the 5 and 8s around 46.62 (5) and 47.44 (8). It needs to stay over these MAs or it will be vulnerable to a move back to 45.52. The key resistance is at the 13 day around 47.99, and this will be hurdle, but a m/c over would green light further strength to 49.05, the continuation 34 day MA.

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Posted by Robin Bieber