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Targets lower. Run shorts to them. Watch RBOB carefully at the 100 day at 191.80

Published Tuesday, July 14th, 2015

The market is in more trouble and in some cases has hit targets lower – Heat to 168.65 and RBOB to 196.83. When I mentioned, yesterday, that RBOB may have some surprises in store for us I had not anticipated it being a day where it lost 769 points – time to go on holiday, which I am doing tomorrow! The failure to move back over the key 5 day MAs yesterday has given us targets lower to 50.58 WTI; 55.10 Brent; 191.80 RBOB; and 515.75 Gasoil. Heat hit its target to 168.63 and now needs a move confirmed by a close (m/c) below 168.45 to green light a further leg south to 167.21. If RBOB is giving another one of its prescient early warning signals then bulls should be very careful. The most important support on the board is RBOB’s contract 100 day MA at 191.80. This must hold or both it and the contracts plough on further south. WTI has an objective to 50.58, valid whilst below the 5 day MA around 52.22. The 8 day is around 52.83 and these MAs are sells on rallies. Brent has an objective to 55.10 valid whilst below the 5 and 8 day MAs around 57.84/91, a sell. The 13 day is around 59.71, also a sell. Heat hit its target to 168.63 and now needs a m/c below 168.45 to activate the next leg down to 167.21. A m/c below here would be bearish and green light a move lower to 163.10.

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Posted by Robin Bieber