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Watch the 5-day MAs and RBOB today. Downtrend intact.

Published Friday, December 4th, 2015

Introduction. Over the last two days the contracts – less RBOB – all slid to their targets and key support levels. These were on WTI to 40.41 then 39.97; Brent 43.15; Heat 134.54 then 132.17; and Gasoil 390.00. Concurrent with this price descent RBOB broke down below its 5 and 8 day MAs and finally became harmonious with the bearish outlook and action. Effectively the market has now done all that was expected of it in the short term to the downside and has recovered a bit. There are no targets lower at the moment. These would only be green lighted by moves confirmed by closes (m/c) below the 5 day MAs and RBOB below the key c/p at 129.38. Currently all contracts, except RBOB, are at or above the 5 day MAs but below the 8 and 13s. RBOB is at the 13, around 130.01, and below the 5 and 8s. Targets lower may well have been hit, but the downtrend is still intact, merely losing some downside momentum by this correction.

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Posted by Robin Bieber