Technical & Fundamental Oil Reports Specialists

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Lower

Published Wednesday, February 10th, 2016

Introduction. The  market is in serious trouble. It started the day yesterday with targets lower on the crudes and RBOB. It finished the day with all these objectives achieved and in some cases further objectives below the market. The rabbit has failed to emerge from either the Saudi or Russian hat and this has allowed the full force of gravity to come to bear (no pun intended!) on prices.  WTI and Brent remain with further targets lower to 27.56 WTI and 30.12 Brent, just missed by 16 cents yesterday. Heat hit its objective to 98.59 and has tentatively moved back over here this morning. RBOB hit its objective to 89.70 and now needs a move confirmed by a close (m/c) below here to green light the next one down to 78.50. Gasoil needs a m/c below 281.50 to activate the next leg down to 262.50. The key technical indicators are negative and the down trend is re-establishing itself. Sell rallies to the short term (s/t) MAs.

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Posted by Robin Bieber