Technical & Fundamental Oil Reports Specialists

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Keep an eye on the s/t MAs. They are the key supports. Watch RBOB.

Published Tuesday, June 2nd, 2015

The contracts gave up some ground yesterday but the gently constructive outlook has not changed much. WTI and RBOB are the only contracts with targets higher to 61.46 WTI and 207.39 RBOB – both are 200 day MAs. In addition only WTI and RBOB are above all the short term (s/t) MAs. The rest are above the 5 and 8s but below the 13s. They need to not only move and close (m/c) over the 13s but also the 34 day MAs, lurking not too far away from the 13s, in order to have targets higher. The stochastics are positive. Watch RBOB – if it stays over its s/t MAs – the highest is around 202.11 – it is setting an example which the rest are likely to follow, but be very careful around the 200 day target at 207.39 and recent high at 208.42. WTI has a target higher to 61.46 valid so long as it m/cs over 59.46, the 13 day MA. There is no significant resistance between current levels and 61.46, although the area from 60.70 to 60.90 may be troublesome.

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Posted by Robin Bieber