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Correction higher in place. Be careful at long term resistance higher.

Published Tuesday, February 16th, 2016

Introduction. The market continues in correction higher mode. The contracts are above all the s/t MAs and the stochastics are positive. The odds are that there’s more upside on this recovery yet and there are targets higher on WTI to 31.55 (34 day MA); Brent 35.94 (long term c/p); Heat 111.81 (prominent low); RBOB 107.52 (34 day MA); and Gasoil 323.00 (prominent low). These are the immediate objectives on this correction and they are serious resistance. The market still has a lot of work to do before this correction becomes more significant and the trend is deemed to have changed . In order for this to occur the following levels would need to be moved and closed (m/c) over – WTI above 32.40; Brent 36.20; Heat 112.52; RBOB 115.22; and Gasoil 351.50, although being above 313.25, the long term c/p helps. The WTI, Brent and Heat levels are the Dec’ 2008 low and as such very important.  It is only closes above here that turns this correction into a trend changer.

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Posted by Robin Bieber