Technical & Fundamental Oil Reports Specialists

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Lower, with violent rallies

Published Thursday, February 11th, 2016

Introduction. The market remains in trouble. There are targets lower on WTI to 26.65 (valid whilst below 27.56); Heat to 91.76 (valid whilst below 98.59) and March Gasoil to 269.75 (valid whilst below 290.00). Brent has all but hit its target to 30.12 (low of 30.28 so far) and RBOB needs a move confirmed by a close (m/c) below 89.70 to green light further weakness. The key technical indicators are negative in that the price action is below all the short term (s/t) MAs and the stochastics are negative. RBOB put in a good performance – up 436 points whilst the rest, less Brent, posted losses on the day. However it is still below the 5 day MA around 94.59, and this level should be used as a pivotal recovery level. If RBOB can move back over its 5 day then the rest may well try to follow – observe carefully. Whilst below the 5 the market continues to look bearish and lower numbers are likely

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Posted by Robin Bieber