Technical & Fundamental Oil Reports Specialists

Follow us

Watch RBOB’s 34s and the 13s on the rest.

Published Thursday, June 23rd, 2016

Introduction. Despite the ebb and flow of the price action the market is pretty much where it was this time two days ago. Namely, with the price action around the 13 day MAs and RBOB held back by the 34 day MAs. Last night all but RBOB closed below the important 13 day MAs. These are pivotal resistances, which the contracts have moved around, and must be closed over for further upside. The 13s are on WTI around 49.57; Brent 50.24; Heat 151.01; and Gasoil 447.50. Moves confirmed by closes (m/c) over would point to a test of the area of the recent highs at 50.59 WTI; 51.65 Brent; 152.00/152.98 Heat; and 455.25/50 Gasoil. M/cs over the 13s would in effect create the springboard for the contracts to test the range resistance. Equally m/cs below the 8 day MAs would be like a trapdoor to range support. In addition, RBOB is the key around its 34 day MAs at 158.39 and 158.70. The market’s not going higher until these two are closed over. They are the most important resistance on the board today. An m/c over would make a test of 161.05 very likely – like yesterday where it failed.

to read the rest of the report, please click here

Posted by Robin Bieber