Technical & Fundamental Oil Reports Specialists

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Downtrend intact and targets lower. Stay short.

Published Tuesday, August 4th, 2015

The trend is down and relentless. The odds are on the contracts making their way down to the lows made in January this year. Heat has already exceeded this target. The key technical indicators – the short term MAs, the stochastics and correction points – are all negative. There are targets lower whilst the contracts remain below the 5 day MAs. These objectives are to 43.58 WTI; 48.90 Brent then 45.19 Brent; 148.71 Heat; and 453.75 Gasoil. Shorts should be run to these levels. It is not advised to be long. WTI has an objective to 43.58 valid whilst below the 5 day MA around 47.02. The 5 and 8 day MA, around 47.32, are sales on rallies. Brent has an objective to 48.90, valid whilst below the 5 day round 51.63, and on a move and close (m/c) below here a further one to the lows at 45.19. The 5 day MA is around 51.63 and the 8 around 52.40 – both are sales on rallies. Heat is below its Jan 2015 low at 158.90 and now has an objective to 148.71, valid whilst below the 5 day round 157.39. This and the 8 day around 159.06 are sales on rallies.

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Posted by Robin Bieber