Technical & Fundamental Oil Reports Specialists

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Upside intact whilst over the 5 day MAs

Published Friday, April 17th, 2015

Brent and Gasoil both hit their targets higher to 64.42 and 584.25 respectively. The rest remain with objectives higher to 58.32 WTI; 193.83 Heat; and 197.95 RBOB. It is a bit disturbing that RBOB – normally a market leader – had a relatively dismal time yesterday being the only contract to close down on the day. Moves always look healthier when RBOB is in the vanguard and any reticence should be watched carefully – it could be catching. It’s ok whilst over the 5 day MA around 188.76. The 5 day gap that was over $3.00 per barrel on Brent yesterday has now narrowed to more tenable levels around $1.50. This is still a bit wide but not screaming for a correction back like yesterday morning. The upside momentum is maintained whilst above the 5 day MAs around 54.89 WTI; 62.95 Brent; 188.91 Heat; 188.76 RBOB; and 559.50 Gasoil. Be careful on any move and close (m/c) below – it would flag more of correction lower.

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Posted by Robin Bieber