Technical & Fundamental Oil Reports Specialists

Follow us

Lower

Published Wednesday, July 6th, 2016

Introduction. The contracts failed to make any impression on the short term MA resistances on the brief rally yesterday and then the rot set in.  The 55 day MAs became the targets lower on all contracts other than RBOB, where the 200 day became the objective, and these were all hit and closed below, green lighting further objectives lower on WTI to 45.83; Brent 47.30; Heat 144.08 (55 day); RBOB 139.79; and Gasoil 418.75. Apart from RBOB the recent range lows have not been broken down below and care is advised around these supports. They are at the aforementioned current targets levels on the contracts and, in addition, down to 141.50 on Heat. The price action has created a large 5 day gap – this makes for volatile conditions and rallies to attempt to narrow the gap and then likely fail. Rallies to resistance are sales.

to read the rest of the report, please click here

Posted by Robin Bieber