Technical & Fundamental Oil Reports Specialists

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Stuck. Watch RBOB for guidance.

Published Thursday, October 15th, 2015

Introduction. The contracts pretty much moved sideways yesterday and were disinclined to commit significantly in any one direction. WTI settling two cents down and Dec’ Brent unchanged are evidence of this. RBOB hit its target lower to 130.39/00 and held. The market has no objectives in either direction at the moment. The key technical indicators are negative. The key supports, which are holding and preventing objectives south, are on WTI at 48.12 (34 day MA); Dec’ Brent 49.22 (34 day); Heat 147.43 (range); RBOB 130.39 (c/p); and Gasoil 453.75 (range).  It may very well prove useful to watch RBOB carefully – it is hemmed in by two c/ps – 130.39 support and 133.37 resistance. The clue to the next leg will probably be which way RBOB moves – either below 130.39 = targets lower, or above 133.71 = likely higher to put the short term MAs under pressure. Use RBOB as the road-map today.

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Posted by Robin Bieber