Technical & Fundamental Oil Reports Specialists

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Precarious and struggling. Watch the key support.

Published Wednesday, October 14th, 2015

Introduction. The market looks poor, but the crudes are performing relatively well, whilst the products look precarious. Both the crudes are holding over the key 34 day MAs and c/ps and, at the moment, have no objectives lower. This could easily change. Heat by closing below 147.42 has an objective to 141.27. RBOB has closed below 135.00 and therefore has acquired a target lower to 130.39; and if Gasoil were to move and close (m/c) below 453.75 it would green light a target lower to 427.50. WTI would need a m/c below 46.01 (34 day) to give it an objective lower to 44.72 and Dec’ Brent below 49.25 to validate a leg lower to 48.47. The stochastics are negative, and the action is below the short term MAs – the key technical indicators are weighted to the downside. The market looks vulnerable.

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Posted by Robin Bieber