Technical & Fundamental Oil Reports Specialists

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Published Monday, January 18th, 2016

Introduction. The trend remains relentless and down. RBOB has hit, but not closed below, its target

to 102.31. The remainder have objectives lower on WTI to 26.65; Brent to 25.05; Heat to 81.15; RBOB on a move and close (m/c) below 102.31 to 96.69; and Gasoil to 245.50.  These targets are valid whilst below the 5 day MAs, and may well not be hit today but are likely achievable objectives for the later in the week. The 5 day gap is a bit wide – around 1.30/50 on the crudes – so do not be surprised by the odd flurry of recovery activity. Such rallies would be sales at the 5 day MAs. The key technical indicators are negative and point to lower numbers. WTI has an initial objective to 26.65, valid whilst below the 5 day MA, around 30.16. Its secondary target, after this, is to 16.70 then 10.35. Take it step by step. Resistance comes in at the bull bear (b/b) pivot and 5 day MA co-located around 30.16 – a sell. The 8 day MA is around 31.08, also a sell.

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Posted by Robin Bieber