Technical & Fundamental Oil Reports Specialists

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Watch RBOB and the key supports, which have held.

Published Wednesday, October 28th, 2015

Introduction. The contracts gave up some ground yesterday. Targets lower on every contract were hit and in most cases closed over. These targets were to 42.78 WTI; 46.90 Brent; 141.27 Heat; 127.26 RBOB; and 427.50 Gasoil. Only Brent closed below it objective and then only by 9 cents – hardly conclusive. Until there are moves confirmed by closes (m/c) below these target levels there are no objectives lower. “Bear traps” usually take up to forty eight hours to occur – be careful. The market is far from out of this danger yet, and there are one or two ingredients that should concern one. RBOB is back just above its 8 day MA. It only lost 7 points yesterday – hardly a vote of confidence in the downside for a leading contract. The stochastics are negative on all but Heat and RBOB, but the fact that two contracts have positive stochastics in a bearish market is something to be wary about. This reserve could easily turn into hot air and no more but today is a day to be careful and watch the supports. Whilst these hold there are no objectives lower.

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Posted by Robin Bieber