Technical & Fundamental Oil Reports Specialists

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Watch RBOB and 34 day MAs

Published Monday, November 2nd, 2015

Introduction. The key to Friday’s action was firstly RBOB and secondly the 34 day MAs. This is still the case. RBOB held over its 34 day MA and this was the signal for both it and the rest of the contracts to remain in resistance testing mode. RBOB still had the higher of its two 34s to deal with but this was moved and closed over. RBOB was the example that the rest followed and as a result the market closed on a firm note. RBOB has closed over both its 34 day MAs and now should head back to the 55 day MA at 139.37 with a further objective to 143.25. The rest need to move and close (m/c) over their 34 day MAs at 46.48 WTI; 49.42 Brent (already breached this morning but closed under on Friday); 153.57 Heat; and 462.50 Gasoil. There are no targets higher until these are m/cd over. They are first resistance – be careful. However, if RBOB is giving another of its early warning signals then they are likely to come under pressure later today. In the meantime the key technical indicators are positive and support attempts to move higher.

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Posted by Robin Bieber