Technical & Fundamental Oil Reports Specialists

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Watch RBOB around 168.80. Still a downtrend.

Published Monday, August 17th, 2015

Introduction. The trend is down, but not all the contracts are harmonious. On Friday night all but RBOB closed below the short term (s/t) MAs – RBOB managed to hold over the 8 day. This precarious technical hand-hold has given way this morning as RBOB has slid below the 8 day round 168.80. At the same time the stochastics are a mixed bunch with Brent and Gasoil negative and the rest positive, but only just.  There are no targets south yet, but the market looks very vulnerable. A move confirmed by a close (m/c) below the 8 day, around 168.80, on RBOB would put further pressure on the market but the key supports remain at 42.03 WTI; 48.24 Brent; 152.12 Heat; 162.22/06 RBOB; and 466.50 then 463.75 Gasoil. There are no objectives lower until these levels are closed below. Meanwhile rallies to the s/t MAs remain sales. The contracts failed yet again there on Friday. WTI does not have an objective lower until it m/cs below the key support at 42.03.

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Posted by Robin Bieber