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Watch RBOB at 144.90. Do not be short.

Published Friday, October 9th, 2015

Introduction.  The last line to yesterday’s report was “The bulls are still very much in the game”. This remains the situation, and it is not advised to be short – neither technical nor geo-political tensions favour being bearish at the moment. The contracts started the day giving back some more of the gains, dipping to the 5 day MA on RBOB, and then started to firm. The closes were strong and the odds are now that the contracts head back to re-test or exceed this week’s highs. WTI has a lot of resistance building up just above the market. Brent has a target to 54.13. Heat should make for 163.53, RBOB 144.90, and Nov’ Gasoil to 500.00. Be careful when the contracts approach these important resistances. Moves confirmed by closes (m/c) over would be positive and green light the next leg higher. Watch RBOB at 144.90 it’s the most important resistance on the board. The key technical indicators remain positive.

to read the rest of the report, please click here

Posted by Robin Bieber