Technical & Fundamental Oil Reports Specialists

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Watch the key supports and RBOB (again)!

Published Thursday, June 25th, 2015

The contracts failed again at resistance. RBOB gave the early warning signal yesterday morning that it was not comfortable. Whilst the rest were above their short term MAs and had positive stochastics RBOB was below the 8 and 13 day MAs and had a negative stochastic. Beware rallies and dumps that RBOB does not lead or at worst participate in. Yesterday was another example of the s/t MAs acting as either springboards to resistance or trapdoors to support – we experienced both yesterday. Brent, Heat and Gasoil failed on the rally at the 34 day MAs and then all contracts, for the most part, have failed to hold the s/t MAs. Now we’re back testing key supports at 59.66 WTI (34 day); 63.38 Brent (100 day); 187.00 Heat (100 day); 205.18/204.65 RBOB (34 day); and 571.00/570.00 Gasoil (100 day). Watch these levels carefully – they must hold or we weaken further.

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Posted by Robin Bieber