Technical & Fundamental Oil Reports Specialists

Follow us

Market in trouble. Watch the key supports.

Published Friday, June 26th, 2015

The market is in trouble again. Two of the five contracts are below key supports, and one of them is RBOB which is not a good sign. The other is Heat, which has closed below its 100 day MA today around 187.00 – so still close. RBOB is below the erstwhile supportive 34 day MA at 204.60 and whilst below here is in trouble with no support until the 55 and 200 day combo at 201.79. The rest are holding key supports on WTI at 59.65 (34 day); Brent 63.40 (100 day); and Gasoil 571.25/570.75 (100 day). All contracts are below the short term (s/t) MAs and the stochastics are negative. We’ve been here before and held, but then RBOB looked ok…now it doesn’t. The key is the action on the others at the supports. Moves confirmed by closes (m/c) below would mean a break down and targets below the market would be green lighted. In the meantime, the support is still holding on the majority of the contracts and care down here is advised.

to read the rest of the report, please click here

Posted by Robin Bieber