Technical & Fundamental Oil Reports Specialists

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Watch RBOB at 132.35 for guidance. Downtrend. Sell rallies.

Published Thursday, November 12th, 2015

Introduction. RBOB failed yesterday to hold the 13 day MA, slid lower, and the rest followed. Targets south were hit on WTI, Jan’ Brent and RBOB. There are valid objectives lower on Heat to 142.97 and Gasoil to 434.00, but it’s worth being very careful whilst RBOB holds over the erstwhile target and key 50% c/p support at 132.35. This is a highly significant pivot and the most important support on the board. It was RBOB’s target on failing to hold the 34 day MA, and was hit virtually to the cent yesterday – low of 132.30 – and whilst the price remains above here it’s advised to be flat and wary. A move confirmed by a close (m/c) below would green light targets south on the rest and re-validate Heat and Gasoil’s objectives lower. Meanwhile the key technical indicators are negative and the 5 and 8 day MAs are, like yesterday, good sales. WTI hit its target to 42.78, and closed above. It has no target lower until it can now m/c below 42.58. A m/c below here would green light a leg down to 39.22, but for this to be valid RBOB must also be below 132.35. Resistance is at the 5 day MA around 43.70 and the 8 day around 44.74 – both are sales.

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Posted by Robin Bieber