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Targets lower. Down trend action. Sell rallies to the 5 and 8s.

Published Monday, August 24th, 2015

Introduction. The trend is down. Stick with it. Targets lower were hit on Friday on WTI to 39.99, Brent to 45.19, and RBOB to 150.81. None of those contracts closed below the target levels so further objectives lower were on hold for these contracts Friday night. Heat moved and closed (m/c) below 148.60 and thereby acquired an objective lower to 145.30, hit overnight, and on a m/c below here would have a target to 141.35/30. Gasoil closed below 453.75 and as result had a target lower to 439.00. It has hit this overnight, and a m/c below would green light the next target lower to 410.75. The key technical indicators are all negative and support this move lower. Watch RBOB – it is the only contract not making new lows and the only one above its bull/bear pivot. It is also the only one quite close to the 5 day MA, around 156.49.

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Posted by Robin Bieber