Technical & Fundamental Oil Reports Specialists

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Watch RBOB and its 5 day MA around 128.56. 5 day MAs are important.

Published Thursday, October 22nd, 2015

Introduction. Although the contracts look under pressure they have held important support and RBOB has, overnight, moved over the 5 day MA. The key support is very much last ditch and is on WTI at 45.32; Brent 47.60; Heat 144.81; RBOB 128.56 (5 day) then 127.26; and Gasoil 439.50. Whilst above these levels there are no targets lower. It is important that they hold or the contracts are heading lower to 43.88 WTI; 46.90 Brent; 141.20 Heat; 122.65 RBOB; and 427.50 Gasoil. Watch RBOB carefully. It has moved over the 5 day MA around 128.56 and if it stays over may well be giving one of its numerous early warning signals that have proved very reliable in the past. As such the 128.56 area followed by 127.26 are the most important support levels on the board. Meanwhile keep a close eye on the 5 day MAs on the other contracts.

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Posted by Robin Bieber