Technical & Fundamental Oil Reports Specialists

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Watch RBOB at 135.00. That’s the key pivot.

Published Thursday, September 10th, 2015

Introduction. From a technical perspective the market is behaving in text book fashion.  Two days ago, having failed at the 5 and 8 day MAs, it slid slingshot  fashion (s/s) to the 13 day MAs, held, and then rallied back to close into the teeth of the 5 and 8s again. Yesterday the contracts started with early attempts to move over the 5 and 8s and failed promptly slumping back to the 13 day MAs – three classic s/s moves in two days! Last night every contract, bar WTI, moved and closed (m/c) below the 13s. This is negative and would in normal circumstances open the way for the next leg lower – in most cases  to the lowest c/p of the most recent move higher at  43.54 WTI; 46.85 Brent; 151.06 Heat; 133.31 RBOB; and 461./50 Oct’ Gasoil. However – now the caveat – the most important pivotal support on the board  is 135.00 on RBOB. This is the continuation low made on 26th Aug and is key – watch it.

to read the rest of the report, please click here

Posted by Robin Bieber