Technical & Fundamental Oil Reports Specialists

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Published Monday, December 7th, 2015

Introduction. The downtrend is relentless and overpowering corrections. Friday’s spirited attempts to recover were destroyed by the combination of the 8 and 13 day MAs, which were a sale on every contract, and continue to be so. The action was poor. There are targets lower on WTI to 38.99; Brent to 42.23; Heat to 130.33; RBOB to 124.84; and Gasoil to 383.75. These objectives are valid whilst the contracts are below the 8 day MAs. Run shorts to these levels, and re-set on moves confirmed by closes (m/c) below. The stochastics are negative on all but Heat, which is curious, but it has recovered pretty well from 130.33, the low of three trading days ago. WTI has a target to 38.99. Run shorts to here whilst the price action is below the 8 day MA around 41.11. A m/c below 38.99 would green light the next leg lower to 37.75. The short term (s/t) MAs are selling opportunities and they start around 40.49 (5 day), then 41.11 (8 day) followed by 41.47 (13 day).

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Posted by Robin Bieber