Technical & Fundamental Oil Reports Specialists

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Higher, but 5 day gap hints at early first dip

Published Wednesday, October 7th, 2015

Introduction.  The longer a market has been range bound the greater the reaction when it breaks out. The hitherto comfortable shorts at range resistance have to cover rapidly. The longer the duration of the range the more shorts there are etc. etc…hence the viciousness of yesterday’s move. The market has broken out to the upside. There were not that many early clues to this break out apart from increasingly positive daily and, particularly, weekly stochastics. The latter are often very useful to give one a more balanced overview. The move has green lighted targets higher to 50.04 WTI; 52.69 Brent; 163.53 Heat; 144.90 RBOB; and 500.00 Gasoil. Length should be run to these levels and moves confirmed by closes (m/c) over would be the signal to re-join the move up to the next objective.

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Posted by Robin Bieber