Technical & Fundamental Oil Reports Specialists

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Strong. Watch RBOB at 146.04

Published Wednesday, November 4th, 2015

Introduction. Once RBOB took out its pivotal 55 day MA resistance at 138.88 the market rallied strongly, and the rest is history. Targets higher were hit on the move higher and some important levels are now significant resistance just above the market. The targets were to 48.04 WTI; 156.73 Heat; 146.04 RBOB; and 474.25 Gasoil. None of these were closed over. RBOB’s 146.04 is the most important resistance on the board today. Watch it like a hawk. A move confirmed by a close (m/c) over here would not only green light a target higher to 150.74, a c/p, but spur the rest higher too. Yesterday’s action was positive but the contracts are a little too far ahead of the 5 day MAs for comfort. Do not be surprised if the contracts give up some ground before trying to push higher again. The “5 day gap” is too large. In the meantime, the action is above all the short term MAs and the stochastics are positive, so the key technical indicators are supportive.

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Posted by Robin Bieber