Technical & Fundamental Oil Reports Specialists

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Steady, but watch RBOB.

Published Friday, March 18th, 2016

Introduction. The market had another good day yesterday. The closes were positive enough on all contracts, bar RBOB, to green light targets higher. These are on May WTI to 42.73, valid whilst above 41.35; Brent 43.35 valid whilst above 40.94; Heat 131.03 valid whilst above 124.25; and Gasoil to 391.75, valid whilst above 374.00. RBOB’s performance however is still a concern. It has upside potential whilst above the 8 day MA around 143.47, and this is a very important support today, but has no target higher until it can move and close (m/c) firstly over the 200 day at 144.01 and then the very dangerous resistance at 147.14 – a significant pivot point. A m/c over the 200 day would make a test of 147.14 highly likely. The price action is above all the short term (s/t) MAs and the stochastics are positive and high on all contracts bar RBOB where the stochastic is negative. RBOB’s action is still a worry and it should be watched carefully.

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Posted by Robin Bieber