Technical & Fundamental Oil Reports Specialists

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Vulnerable and lower likely. Keep an eye on RBOB.

Published Wednesday, November 11th, 2015

Introduction. The contracts, although vulnerable and under pressure, are not technically harmonious. All, but RBOB, are below the short term (s/t) MAs. It is important in order to green light further weakness that RBOB moves and closes (m/c) below the 13 day MA around 135.72 and then also m/cs below the range support and 34 day MA at 135.22/00. This area from 135.72 down to 135.00 is strong support and could yet hold up the whole market. In the meantime there are tentative targets lower on Brent to  46.41 valid whilst below 47.45/60; Heat to 142.97, valid whilst below the 5 day around 148.47; and Dec’ Gasoil to 434.00, valid whilst below the 5 day round 452.50. WTI has no objective lower whilst above 43.88 (closed over last night) and RBOB needs to m/c below 135.00. The valid targets are tentative largely because the contracts look like they are trying told. They need RBOB to join in below the 13 day, around 135.72, and 135.00 range support to acquire the momentum lower that will make the objectives more secure. Meanwhile the stochastics are negative and rallies to the 5 and 8 day MAs are sales.

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Posted by Robin Bieber