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Lower

Published Monday, December 14th, 2015

Introduction.  The trend is down and the contracts are in disarray. RBOB is de-linked and must be treated as being in a different technical space – something that I have never had to do before, (i.e. this is very unusual). Comments referring to the “contracts” or the “market” today exempt RBOB. Targets lower have been hit and there remain objectives lower on all contracts. WTI, on a close below 35.52, which just held Friday night, has an objective to 32.40; Brent to 36.20; Heat to 112.52 and Gasoil to 308.75. The crudes and Heat’s targets are the 2008 lows and key support. Gasoil’s erstwhile target to 351.50 was the 2008 low but this has been hit and closed below.  If the Dec’ 2008 lows do not hold on the rest, and there’s a pretty good chance that they will NOT, then there are some scary (next) objective levels that the market is likely to head for – namely: 25.04 WTI; 27.78 Brent and 102.47 Heat. Meanwhile the 5 day MAs remain reliable selling opportunities – they were on Friday on the crudes.

to read the rest of the report, please click here

Posted by Robin Bieber