Technical & Fundamental Oil Reports Specialists

Follow us

Lower. Downtrend still in place on all but RBOB.

Published Friday, December 18th, 2015

Introduction.  The trend remains down on all contracts bar RBOB. The latter is de-linked and all observations relating to the “market” or the “contracts” are RBOB-exempt. RBOB is above all its short term MAs, has no target lower and looks like heading higher to the 34 day MA around 129.32. The rest are locked in a relentless downtrend, with negative key technical indicators, have targets lower, and are sales at the 5 and 8 day MAs. The 5s again provided excellent selling opportunities yesterday. There are targets lower on WTI to 34.53 (missed by only 10 cents yesterday); Brent 36.20 (missed by only 13 cents two days ago); Heat 108.74; and Gasoil 323.50. Run shorts to these objectives whilst the contracts are below the 5 day MAs. WTI has an objective lower to 34.53, valid whilst below the 5 day MA around 35.80. This was missed by only 10 cents yesterday. A move confirmed by a close (m/c) below here would green light the next target lower to the Dec 2008 low at 32.40. Resistance begins at the bull/bear (b/b) pivot at 35.24, and a move over here would suggest a test of the 5 day MA, around 35.90, a sell. The 8 day MA is around 36.07, also a sell.

to read the rest of the report, please click here

Posted by Robin Bieber