Technical & Fundamental Oil Reports Specialists

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Watch RBOB. Odds on a bit of a dip then higher. Longer term indicators turning more bullish.

Published Friday, April 24th, 2015

RBOB excelled as an early warning signal yesterday. It voted with its feet in a northerly direction and the rest followed. There may well have been a lack of technical harmony yesterday morning but all contracts surged higher after taking out the 8 day MA resistances and all contracts have now closed over the short term MAs. The likelihood is for higher numbers but there is still more work to do for total bullish comfort. For example despite moving higher and closing well WTI has a negative stochastic. Targets higher would be green lighted now on moves confirmed by closes over 64.95 Brent; 193.83 Heat; and 584.25 Gasoil – closed above last night but another is needed.  RBOB has an objective higher to 206.29 but needs the rest to kick in too for this to be valid.  WTI looks ok, but has more work to do yet. It needs a m/c over 58.87 to green light a target higher to 61.00 (200 month MA). Support is at the 8 and 5 day MAs around 57.36 and 56.16. It is in bull mode whilst above here. The lack of harmony is the fact that the daily stochastic is still negative. This needs to move positive for technical harmony. Brent

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Posted by Robin Bieber