Technical & Fundamental Oil Reports Specialists

Follow us

Watch RBOB’s 8 day around 133.66, and the 13s on the rest.

Published Friday, August 28th, 2015

Introduction. The contracts exploded higher yesterday. We witnessed a text book slingshot (s/s) move from the 5 to the 8, and the 8 to the 13 day MAs on all but Oct’ RBOB, which only managed a move from the 5 to the 8. It is testing the latter around 133.66 at time of writing. This is a key resistance and probably the most important on the board today. Watch it carefully. There is the potential to recover a lot more. Techno-logic says that a move confirmed by a close (m/c) over the 13 day MAs, which was the case last night on the crudes, gives us a s/s move higher to the 34s. However, Oct’ RBOB is still struggling with its 8 day MA, around 133.66, and Heat and Gasoil have only just moved overnight above the 13 day  MAs.  This move higher would look a lot safer and the targets higher more comfortable on Oct’ RBOB being over the 8 day MA and the rest all above the 13s.

to read the rest of the report, please click here

Posted by Robin Bieber