Technical & Fundamental Oil Reports Specialists

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Downtrend conditions, but support holding at the moment

Published Tuesday, December 29th, 2015

Introduction.  Christmas Eve’s correction higher failed and RBOB’s 34 day at 127.45 proved to be a key resistance pivot. The contracts have since faltered but not collapsed. WTI and RBOB have yet to move and close (m/c) below all the s/t MAs – the rest are below. Holiday periods with reduced volumes are never times to read too much into the price action so care is advised. However the trend is still down, but further poor closes are required to green light targets lower. There are some very long term supports which are holding and impeding progress south. These are on WTI at 36.35; Brent 36.20 and 35.95; Heat 108.74; RBOB 123.00 then 119.62; and Gasoil 323.50 then 313.00. (The levels highlighted in bold red are long term c/p supports where care is advised). The trend is down, but it’s advised not to re-set shorts until there are m/cs below these supports or rallies to 13 day MAs.

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Posted by Robin Bieber