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Crude targets hit. Watch these levels. Downtrend conditions.

Published Monday, December 21st, 2015

Introduction.  The trend remains down and bulls can expect little Christmas cheer. Targets lower were hit on Friday on WTI to 34.53 and overnight Brent has hit its objective to 36.20 – the Dec’ 2008 low. Heat remains with an objective lower to 108.74 – neared with a Friday low at 109.11 – and Gasoil to 323.50. RBOB is largely de-linked, and is bounded by 5 and 13 day MA supports around 125.40 and 8 day MA resistance around 126.13, and 34 day MA resistance at 129.00. The stochastics are negative on all but RBOB and Gasoil. Use the crudes’ key support at 34.53 WTI and 36.20 Brent as guides – moves confirmed by closes (m/c) below these two would put pressure on Heat and Gasoil. RBOB needs to m/c below the 5 and 13 day MAs to be joining in. Stick with the trend, watch the crudes for guidance, and sell rallies to the 5 and 8 day MAs.

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Posted by Robin Bieber