Technical & Fundamental Oil Reports Specialists

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Targets lower – Stick with the downtrend

Published Thursday, August 20th, 2015

Introduction. The recommended neutral approach to the market, expressed early yesterday, swiftly changed in the afternoon after every contract failed to make any headway against the short term MA resistances. Almost every contract had failed at the 8 day MAs after having breached the 5 day by the time the stock figures came out. The market was already vulnerable and went into free-fall with supports being cast aside by a wave of relentless bearishness. The closes were technically catastrophic for flat price and there are targets lower. These objectives are to 39.99 Oct’ WTI; 45.19 Brent; 148.71 Heat; 150.81 RBOB; and 453.75 Gasoil. Shorts should be run to here. The stochastics are negative as are all the key technical indicators. Do not be surprised by rallies – the flat price is a little too far south of the 5 day MA for comfort and corrections are logical. Rallies to the 5 and 8s are sells.

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Posted by Robin Bieber