Technical & Fundamental Oil Reports Specialists

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Watch RBOB.

Published Tuesday, November 24th, 2015

Introduction.  RBOB’s lack of enthusiasm for going lower early yesterday morning should have kept many out of trouble. When all appeared gloom and doom it was holding over both the 5 and 8 day MAs and key support at 126.20. This was the brake on one’s bearishness, and was preventing targets lower on the rest. When the Saudi headline came out and the market exploded in a northerly direction RBOB-watchers should have been relatively unscathed. The market rallied the best part of $2.00 per barrel in forty minutes and the rally was kept in check by RBOB’s 34 day MAs and Brent and Gasoil’s 13 day. Even in extreme market conditions these MAs work well. The market is now in a confused state. The headlines are not clear and there is a lack of technical harmony. Watch the 34 day MAs on RBOB at 132.23/34this is the most important resistance on the board today. A move confirmed buy a close (m/c) over would take both it and the rest higher. In addition keep an eye on the 13 day MAs on Brent around 45.50 and Gasoil around 433.00 – they will give additional guidance.

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Posted by Robin Bieber