Technical & Fundamental Oil Reports Specialists

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The crudes’ 34 day MAs are key pivots – watch them. Lower likely.

Published Thursday, June 16th, 2016

Introduction. The targets lower on the crudes to the 34 day MAs have been hit and heldGasoil has hit its target to the c/p at 437.00 and now needs a move confirmed by a close (m/c) below there to green light the next objective to the 34 day at 434.50. Heat has an objective lower to 145.64, the 34 day, and RBOB to 147.12, a c/p. The key technical indicators are negative with bearish daily and weekly stochastics. The latter is suggesting an imminent start of a down trend but to confirm this it is necessary for the 34 day MAs to be closed below on the crudes and preferably on Heat and Gasoil too. As such the 34s on the crudes at 47.62 WTI and 48.59 Brent are the most important pivotal supports on the board today. This is closely followed by 147.12 on RBOB. WTI has hit its target to the 34 day MAs and now needs a m/c below the lower at 47.62 to green light the next leg down to 46.78. A m/c below the 34 would be very bearish as it’s an important support. Resistance is at the higher 34 day and bull/bear (b/b) pivot at 47.94/00 and then the 5 day MA around 48.40, a sell. A m/c over 47.94 would suggest that this contract is trying to hold.

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Posted by Robin Bieber