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Maintain downtrend conditions

Published Monday, August 10th, 2015

Introduction. Targets lower were hit on WTI to 43.58 and Brent to 48.90. The former was not closed below, but the latter was thereby greenlighting a further objective lower on Brent to 47.57. Heat managed to move and close (m/c) over its 5 day MA and as result has no objective lower at the moment, and RBOB had hit its target to 163.44 on Thursday and now needs a m/c below the bull/bear pivot at 163.12 to activate the next leg down. Gasoil has an objective lower to 453.75 valid whilst below the 5 day MA around 469.00. The trend remains down and erratic. It is not advised to play against it – run shorts to target areas and/or sell rallies to the 5 day MAs on the crudes and the 8 day MAs generally on the products. WTI hit its objective to 43.58 and managed to close over. It would acquire a target to 42.03 on a m/c below 43.58 – watch this level carefully. In the meantime it is about 95c below its 5 day MA so expect an attempt to narrow this gap early today. A rally to the 5 around 44.62 and the 8 around 45.49 is a sell

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Posted by Robin Bieber