Technical & Fundamental Oil Reports Specialists

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Strong. Likely higher. Beware of the odd dip.

Published Thursday, June 9th, 2016

Introduction. The contracts performed well and higher numbers are likely. Targets were hit on all contracts yesterday, except RBOB which did not have one anyway, and Heat where the objective to 157.96 was only hit overnight. The performance has green lighted a further series of objectives higher on WTI 52.25, valid whilst over 50.92; Brent to 53.38, valid whilst above 52.25; July Gasoil to 469.25 valid whilst over 461.75. Heat acquires an objective higher to 159.56 on move confirmed by a close (m/c) over 157.96. RBOB closed last night over the 5 and 8 day MAs but below the 13. It has now moved over the 13, around 162.42 and whilst over here should re-trace to 167.07. The stochastics are now positive on all contracts. The technical scene is set for higher numbers but keep an eye on RBOB – it must stay over the 13 day MA around 162.42. Be slightly cautious today as the “5 day gap” is wide and may well cause a cooling off dip. This should not change the view but may temporarily discomfort the odd bull.

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Posted by Robin Bieber