Technical & Fundamental Oil Reports Specialists

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At key supports again. Tread carefully and wait.

Published Thursday, July 2nd, 2015

Tuesday’s recovery and yesterday’s early action led the contracts back into the teeth of the short term (s/t) MA resistances. WTI – the weakest – failed at the 5 day, and the rest at the 13 day. Brent and Heat virtually hit the 13 day resistance, faltered and then fell. It was a good reminder of the potency of these s/t MAs when correcting in a trend. Once RBOB failed at the 13 day the writing was on the wall for lower numbers. The results were poor closes but with all holding key supports, which are preventing targets lower. On all but WTI we’re back where we were two days ago. The key supports are on WTI at 56.42; Brent at 61.66/62; Heat 184.10; RBOB 199.98 and 198.70; and Gasoil 562.00. These must hold or the contracts go lower. WTI was the weakest link yesterday. It failed at the 5 day MA and then headed south to then also fail at the c/p support at 58.23 and has headed for the 50% c/p at 56.42. This must hold or it heads lower to 54.60. A m/c back over 57.65 would have it looking for a rally to the 5 day around 58.28. Be very careful on any rally to the 5 day.

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Posted by Robin Bieber