Technical & Fundamental Oil Reports Specialists

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Watch RBOB’s 100 day MA at 196.92 and keep an eye on the s/t MAs

Published Wednesday, March 4th, 2015

The short term (s/t) MAs pretty much held the market yesterday and are the key supports today too. At the same time the market did not have enough strength on any of the contracts to breach serious resistance levels above.  The most important resistance level on the board today is RBOB at 196.92 – the 100 day MA. There is no upside generally whilst RBOB is below here. Watch it carefully on a rally – it’s a dangerous beastie. At the moment the contracts are stuck and there is a growing lack of harmony which makes directional prediction hazardous. The lack of harmony is manifested, at its simplest, by the contracts being above the s/t MAs yet the stochastics are negative on all but WTI. This is a market out of tune technically – we need all above the s/t MAs and the stochastics positive or the reverse.  WTI is the only contract with a positive stochastic and it is above the 5 and 8 day MAs co-located around 49.82/72 but below the 13 day around 50.90.

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Posted by Robin Bieber