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Targets lower hit and held – Down trend conditions, but expect a rally to the 5s

Published Tuesday, June 30th, 2015

Targets lower were hit yesterday and these strong supports ultimately held. There are no objectives below the market whilst these erstwhile targets hold. These key levels are at 58.23 WTI; 61.62/52 Brent; 184.10 Aug’ Heat; 199.28 Aug RBOB; and 562.00 Gasoil. These were all the targets lower yesterday. Moves confirmed by closes (m/c) below would be bearish and green light legs lower to 57.65 then 56.42 WTI; 58.43 Brent; 181.85 Aug’ Heat; 195.25 Aug’ RBOB; and 551.50 Gasoil. The key technical indicators (KTIs) are negative. The price action is below all the short term MAs and the stochastics are pointing south. WTI has hit and held its target to 58.23, a c/p. A m/c below here would green light a leg down to 57.65, the 100 day MA, with potential to reach for 56.42, a further (50%) c/p. Resistance is at 58.90 (55 day) then the 5 day round 59.24, a sale. Brent hit its target to 61.62 and closed over. It now needs a m/c below 61.52 (100 day) to activate the next leg lower to 58.43. Resistance is at the 5 day around 62.82, a sale, followed by the 8 day around 63.11, also a sale. Aug’ Heat has hit and held its objective to 184.10 and 183.11. It now needs a m/c below 184.10 to give it a target to 181.85. Resistance is at the 5 day round 186.29, a sale, then the 8 day around 187.29, also a sale.

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Posted by Robin Bieber