Technical & Fundamental Oil Reports Specialists

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More work needed. Be careful at the s/t MAs.

Published Friday, September 11th, 2015

Introduction. The market is erratic to put it mildly. I cannot remember a week that has had so many reversals. The contracts have started each day at one end of the price extreme and finished at the other end.  Bull traps have been followed by bear traps and it’s taken a lot of skill to keep out of trouble. The harsh reality is markets always look great at support and resistance, otherwise they would not be there in the first place.  Slingshot (s/s) theory and the power of the short term (s/t) MAs however can help enormously to keep one safe. Yesterday was a case in point – the contracts had closed below all the s/t MAs and looked poor. However, firstly the key was RBOB at 135.00the most important support on the board yesterday, and secondly, the c/ps of the recent move higher. 135.00 at this time yesterday morning had been breached but was just holding – it was the key. Meanwhile WTI had hit and held its 50% c/p at 43.54 (low 43.36) and Brent its 61.8% c/p at 46.85 (low of 46.76).

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Posted by Robin Bieber