Technical & Fundamental Oil Reports Specialists

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Fragile. Watch RBOB at the 8 day MA around 137.93.

Published Monday, November 9th, 2015

Introduction. The contracts are not harmonious. This makes a general overview more difficult. Suffice to say the market looks fragileWTI has a target lower to 43.88 – but it is the only contract with an objective below the market. Brent is holding 47.60 and this is impeding progress south, and the rest in one form or another are holding over one or more of the key short term (s/t) MAs. Heat and Gasoil are above the 13 day MAs round 149.51 and 449.75. RBOB closed, last night, below the 8 day MA around 137.93 (today) but is above here today – just.  It must remain over here today or the whole complex will look vulnerable. A move confirmed by a close (m/c) by RBOB below 137.93 would green light a target lower to 135.84, and take the rest south with it. RBOB’s 8 day, around is the most important support on the board today – watch it. Meanwhile the stochastics are all negative. Tread carefully today – the lack of harmony does help clarity.

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Posted by Robin Bieber