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Continue to watch RBOB

Published Thursday, November 26th, 2015

Introduction. The contracts remain with targets higher.  These are to 44.26 WTI; 47.15 Brent; and 143.25 RBOB. Heat acquires a target higher to 142.72 on a move confirmed by a close (m/c) over the 13 day around 139.83, and Gasoil to 443.25 on a m/c over the 5 and 13 day around 429.75. The message yesterday was to watch RBOB – it held the clues and the answers. This remains the case. The nasty dip yesterday was very much because of RBOB. It started the day with the 5 day gap too wide around 460 points, which equates to around $1.90 on crudes. This was and is too wide and the price action needed to narrow the gap. It then failed to hold the key 100 day and the dip gathered force to become a dump to the 5 day MA, which held – low of 133.51, 5 day MA at 133.56. Brent amidst all this supported the 5 day gap theory with a space of around $1.31 yesterday morning. It, too, dipped to the 5 day and held. The message is – continue to watch RBOB and in particular its pivotal initial support at the 100 day MA at 137.49. This is the most important support on the board.

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Posted by Robin Bieber