Technical & Fundamental Oil Reports Specialists

Follow us

Expect the odd dip, but higher later. Targets above the market are valid

Published Thursday, April 16th, 2015

“It is not advised to be short” – this was the last line in yesterday’s report and it is even more relevant now. RBOB took out the 8 month MA, at 187.40, and this was the green light for targets higher on both it and the rest. The 187.40 level must hold to maintain upside momentum. At the same time the 100 day MAs, which had been holding WTI, Brent and Heat back were breached and the rest is positive history. There are targets higher on WTI to 58.32 – but with potentially more upside beyond; 64.42 Brent; 193.83 Heat; 197.95 RBOB; and 584.25 Gasoil. Length should be run to here. Yesterday’s action represents a significant break higher and is likely the beginning of a new move higher. WTI performed well and took out the 100 day MA, which had been resistance. There is not a lot of resistance around the immediate target at 58.32. This is not particularly strong resistance and it is entirely conceivable that WTI in the future heads for the 8 month MA at 61.64! This objective is quite some way above the market and is a longer term target valid whilst RBOB remains over 187.40 (8 month MA). Support is a little scarce until the 100 day at 54.15 and the 5 day round 53.94 – these must hold.

to read the rest of the report, please click here

Posted by Robin Bieber