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RBOB de-linked. Rest locked in downtrend.

Published Friday, December 11th, 2015

Introduction.  The trend is down on all contracts bar RBOB – stick with it. The latter has become de-linked and this almost never happens, so care is needed. There are two key levels to watch on RBOB – the 13 day MA resistance around 129.03 and the 8 day support around 125.72.  Moves confirmed by closes (m/c) beyond either of these two levels will give the next leg for RBOB, and if it’s below the 8 day then this will help the rest go lower. An m/c over the 13 day would probably have more of a slowing down effect rather than a brake on the rest heading south. The crudes have targets lower to 35.52 WTI and 39.35 Brent (virtually hit overnight). Heat hit its target to 122.10, but m/cd over. Jan Gasoil is currently hitting its objective to 361.50. Sell rallies to the 5 and 8 day MAs. WTI has a target to 35.52, valid whilst below the 5 day MA around 37.12. Run shorts to 35.52. The next objective lower after 35.52 is to 32.40. A rally to the 5 day MA, around 37.12, is a sale, as is a rally to the 8 day around 38.32.

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Posted by Robin Bieber