Technical & Fundamental Oil Reports Specialists

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Looking increasingly vulnerable. Watch the 5s and RBOB.

Published Monday, March 14th, 2016

Introduction. The contracts have still to break over the increasingly strong resistances. The market is beginning to look tired and vulnerable. The stochastics are very high on all contracts and negative on Brent, RBOB, and Gasoil. Both RBOB and Gasoil’s are only just negative and Heat’s is wavering. Be careful – this is a warning that a correction lower may be due. However, the 5 day MAs are holding on all contracts bar Gasoil, and were buys on Friday. The resistance is strong, resilient, and preventing targets higher. These resistances are on WTI at 38.99 (100 day); Brent 40.94; Heat 123.71 (100 day); RBOB 145.29 (200 day) then 147.14; Gasoil 370.50 (100 day). The most important pivotal resistance on the board today remains RBOB at 147.14. A move confirmed by a close (m/c) over here is needed for a clear run higher – this is unlikely.

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Posted by Robin Bieber