Technical & Fundamental Oil Reports Specialists

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Lower

Published Tuesday, December 8th, 2015

Introduction. The trend is down and relentless. Targets lower were hit on all contracts yesterday. The closes have given us further targets south on Brent to 39.35; Gasoil 360.50; and RBOB 120.24. WTI and Heat held their secondary targets from yesterday at 37.75 and 127.85. WTI actually closed below 37.75 but it is up and threatening this level this morning. A close below would be bearish. This trend is likely going to have the contracts re-visit the lows of Dec’ 2008 at 32.40 WTI; 36.20 Brent; 112.52 Heat; 78.50 RBOB; and 351.50 Gasoil. All but RBOB seem to be well on the way to achieve this but adjust RBOB’s long term objective to 102.31 – it’s more realistic. Either way the market is more than just peering over the edge of the abyss – it’s in free fall and the odds are on much lower numbers. The action will be volatile, dangerous and not all one way. The prices today are already too far below the 5 day MAs for comfort

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Posted by Robin Bieber