Technical & Fundamental Oil Reports Specialists

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Continue to watch RBOB.

Published Wednesday, November 25th, 2015

Introduction.  The message for the past two days, and longer, has been to watch RBOB. It is leading the market, giving reliable early warning signals, has the finest  antennae, and kept the bears out of trouble on Monday, when the rally began. It has now moved over all the short term (s/t) MAs (it did this on Monday) and over the 34s and 100 (yesterday). If this is a sign of what’s in store for the rest, i.e. RBOB both giving early warning signals and setting an example for the rest, then we’ve got some more upside yet. The key to continued strength is RBOB holding over the 100 day MA at 137.68 the most important support on the board. Meanwhile Brent and Gasoil have closed over their 13s and have targets higher to 47.15 and 445.00, and WTI and Heat have moved overnight above the 13s and need to stay that way to have objectives higher.  WTI closed below the 13 day MA last night but has, overnight, moved above it, currently around 42.87. If it stays this way it will acquire a target higher to 44.45, the continuation 34 day MA. There is not much serious resistance between the 13 day and 44.58, although this target would look a lot safer if 43.52 could be closed over too.

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Posted by Robin Bieber