Technical & Fundamental Oil Reports Specialists

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The next leg will be determined by the action at the 5 and 8 day MAs. Watch them.

Published Tuesday, April 26th, 2016

Introduction. The contracts are poised sitting between the 8 day MA supports, which held on the slingshot dip yesterday, and the 5 day MA resistances. RBOB is the only contract above the 5 day MA around 151.66. This is an important pivot – watch it.  The contracts’ action around the 5 and 8 day MAs will point to the next leg. The stochastics have moved negative on all but Heat and the contracts have all failed at the 200 day MAs and thereby completed a price cycle.  With these facts in mind the betting money should be on failures at the 8 day MA supports and lower numbers to follow. The bulls should be very cautious. There are no targets higher whilst below the 200 day MAs. A move confirmed by a close (m/c) over the 5s would make a re-test of the 200s likely. Watch the 5 and 8s for guidance.

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Posted by Robin Bieber