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Vulnerable. Watch RBOB and the 5 day MAs for guidance.

Published Tuesday, April 21st, 2015

The most important resistance on the board yesterday was RBOB at 195.03 to 195.48. It had failed in this area the previous three days and looked set to make heavy weather of it again. It made a high at 195.54 and failed. This was the early warning signal for what followed – weakness. No contract closed below the key 5 day MAs – the most aggressive trend following MA. However, this morning is another matter, and the contracts have all, with the exception of Gasoil, slid below the 5 day MAs. This is very important and needs to be watched. The 5s are around 57.75 June WTI; 63.51 Brent; 188.67 Heat; 193.21 RBOB; and 571.25 Gasoil. They need to be moved back over in a hurry or the contracts will slide and complete a slingshot (s/s) move lower to the 8s day MAs, around 56.36 June WTI; 62/91 Brent; 184.80 Heat; 188.86 RBOB; and 560.50 Gasoil. The message is – watch the 5s today. They will provide the guidance.

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Posted by Robin Bieber