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Holding key support. Sell rallies to the 5s.

Published Monday, July 11th, 2016

Introduction. The market has to a large extent held support. The hand-holds are tenuous and the contracts are vulnerable. WTI hit and held the target to 44.88. The rest closed either right on or near key support. Brent held the 46.50 support. Heat closed 2 points south of the key 141.25 level and that was not enough to green light a target south. RBOB is above the 200 day at 134.81; and Aug’ Gasoil is also above the 200 day at 411.25. There are no further targets south until WTI closes below 44.50; Brent 46.50 then 45.77; Heat 141.25; RBOB 134.81; and Gasoil 411.25. These are the key supports to watch today. In the meantime, the market could easily recover a bit from here and the 5 and 8 day MAs are sells at resistance. WTI has held the key 100 day MA target at 44.88. This contract now needs to move and close (m/c) below 44.50 (200 day) to green light the next objective lower to 42.90 (100 day). Watch the 44.88/44.50 area carefully – it is well supported. Resistance is at the bull/bear (b/b) pivot at 45.37 then the 5 day MA around 45.95, a sell. The 8 day is around 47.12, a safer sell.

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Posted by Robin Bieber