Technical & Fundamental Oil Reports Specialists

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Watch RBOB and the s/t MAs. Whilst above them do not be short.

Published Friday, May 22nd, 2015

The contracts delivered a very nasty “bear trap” over Tuesday and Wednesday. The ursine community has limped off stage to the first aid tent.  The signals for extreme caution, and restricted bearish enthusiasm were there – the crudes had performed a text book slingshot (s/s) price move from the short term (s/t) MAs to the 34s, which held virtually to the cent. The long term MAs (weeklies and monthlies) were clustered around the recent lows and were propping up the market, and trusty RBOB was making positive noises. It was RBOB that led the reversal and was the first contract – another early warning signal – to close over the s/t MAs on Wednesday evening. The rest is history and the closes last night were above all the s/t MAs. These now need to hold to green light targets back to the recent highs.

to read the rest of the report, please click here

Posted by Robin Bieber