Technical & Fundamental Oil Reports Specialists

Follow us

Watch the key resistances and RBOB – they hold the clues

Published Monday, June 1st, 2015

On Friday morning the support was holding and there were no targets lower. July RBOB had given a potential early warning signal by moving over the 5 day MA at 198.20 and there was hint of upside in the air whilst RBOB stayed over the 5. The rest is now history – the market rallied violent with RBOB leading the way, settling 927 points up on the day. Friday’s price action has stemmed the downside but now more is required. The crudes and RBOB closed over all the short term (s/t) MAs. This is positive, but Heat and Gasoil are still below the 13 day MAs. More upside action is now required to give the contracts targets higher, and this means moves confirmed by closes (m/c) over the key resistances at 59.89 WTI (range); 65.57 Brent (34 day MA); 194.45/195 15 Heat (34 and 13 day); 207.72/ 208.42 RBOB (200 day MA and range); and 596.75 Gasoil (13 day). These are the levels to watch today. WTI needs to m/c over 59.90 to give it target to 61.46, the 200 month MA, with potential to head for the old highs at 63.62. It would help if it managed to stay over the 59.50 area (13 and 34 day) but is in good shape whilst above the 5 day MA around 58.68.

to read the rest of the report, please click here

Posted by Robin Bieber