Technical & Fundamental Oil Reports Specialists

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The contracts still lack harmony – watch RBOB for guidance

Published Friday, June 19th, 2015

The contracts remain stuck in a range and with no targets either way. They are not all giving the same signals and there is still a marked lack of harmony. The message is the same – stay neutral towards the market until the next leg is clear. The short term MAs are becoming increasingly clustered together as one would expect as the range beds in and are acting as either trapdoors to support or springboards to resistance. The contracts are moving around them, but they are mainly support today, and the most important is RBOB’s 13 day MA around 208.32 – a move confirmed by a close (m/c) below here would be negative and point to downside pressure on the market. Watch this level carefully. Aug’ WTI is above the 5 and 13 day MAs around 60.40 and 60.21 and also the lower 34 at 59.62. A m/c below 60.21 would point to a test of 59.62, but it would need a m/c below here to green light a target lower. Meanwhile it is below the 8 day round 60.71 and a m/c over here would indicate a test of higher numbers. Right now WTI is stuck.

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Posted by Robin Bieber