Technical & Fundamental Oil Reports Specialists

Follow us

Watch RBOB’s 34 day MAs

Published Tuesday, June 21st, 2016

Introduction. The contracts continued higher yesterday and all closed over the important 13 day MAs. The upside momentum is maintained whilst all contracts remain over the key 13 day MA supports around 49.62 Aug’ WTI; 50.24 Brent; 150.90 Heat; 155.88 RBOB: and 447.25 Gasoil. Use these as pivots. Moves confirmed by closes (m/c) below would suggest a failure to break higher and point to tests of the lower 8 and 5 day MAs. These are around 48.98/70 Aug’ WTI; 49.63/25 Brent; 149.53/148.60 Heat; 153.04/152.52 RBOB; and 443.25/439.50 Gasoil. Watch the 13s – they are critical support today. The daily stochastics have moved positive and it was RBOB that moved first this way two days ago, giving an early hint of higher numbers. The key to the upside potential today is how RBOB performs at the 34 day MA resistances at 157.76 and 158.12. These are the most important resistances on the board. They will be the trigger for higher numbers. A m/c over them would create a more positive technical picture that unleashes the contracts higher. Watch them carefully – a failure at the 34s would have the contracts back putting pressure on the 13s, and potentially lower numbers.

to read the rest of the report, please click here

Posted by Robin Bieber