Technical & Fundamental Oil Reports Specialists

Follow us

Good recovery. Watch RBOB at the 13 day MA around 203.55

Published Wednesday, July 1st, 2015

The market recovered well yesterday. The key supports, which had been the targets, held and the contracts rallied from them. One is left pondering (or at least I am) where the prices would be if the threat of a Greek exit did not exist – bears be very careful! The contracts rallied to the 5, 8 and 13 day MAs, which was the first logical slingshot (s/s) step higher. Currently WTI is below the 5. Brent and Heat are between the 5 and 8, and Gasoil closed over the 5 and 8 but below the 13. Meanwhile the most important contract on the boardRBOB – closed over all the s/t MAs. It has now slipped back below the 13, around 203.55, but a m/c back over here would be bullish and probably take the rest of the contracts with it. As such, whilst the assorted s/t MAs are important on the other contracts the 13 day MA on RBOB, around 203.55, is the most important resistance level on the board today – watch it carefully. RBOB once again will give the early warning signal! WTI failed to make headway against the 5 day MA, today around 59.16. This is an important resistance and a m/c over is needed for any bullish street cred’. The 8 is higher around 59.53. Pivotal support is at the c/p at 58.23 and this contract has no targets lower whilst this holds.

to read the rest of the report, please click here

Posted by Robin Bieber