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Continue to watch RBOB – it holds the clues

Published Tuesday, December 1st, 2015

Introduction. There are still two sides to the market – Jan’ RBOB and then the rest. Whilst Jan RBOB is stuck between the 5 and 8 day MAs the rest are languishing below all the s/t MAs and were it not for RBOB would have valid targets lower. I said yesterday that a move confirmed by a close (m/c) below RBOB’s 5 day, then around 133.37, would green light targets lower on the rest.  This has had to be slightly adjusted to a m/c below RBOB’s 8 day MA around 131.25. RBOB is the most important contract to watch at the moment. It is holding over the 8 day around 131.25 and is below the 5 day around 133.65, and these two are the most important pivots on the board to watch today. They will determine the next leg. Were RBOB not holding the rest would have targets lower to 40.41 WTI; 43.15 Brent; 134.54 Heat; and 390.00 Gasoil.  These all have strong short term (s/t) MA resistances just above the market.

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Posted by Robin Bieber