NYMEX WTI (Front Month Continuous)
A Weekly Key Reversal Down but at the same a possible Pipe Bottom. We've travelled again down as far as the Lower Tine of the Dec 2017—Feb 2018 Andrews Pitchfork (currently 60.93), punching through but again not closing below. We just managed to close below the key 50% Fib at 61.38 but so far today we're back up. We've further support at 60.13 and 59.98 but suspect better starts from near the Medium MA (currently 58.93) and the Lower Tine of the Schiff Pitchfork of the same move (currently 58.78).
ICE BRENT (Front Month Continuous)
A Weekly Key Reversal Down and a second consecutive close under the Medium MA (currently 64.61) with still an unfilled Gap above up to 65.43. However, we've a possible Pipe Bottom based on the Lower Tine of the Dec 2017—Feb 2018 Andrews Pitchfork (currently 63.59). Today we're testing down towards it again. This gives the idea we may have a large Bearish Halfway Hesitation/Bear Flag Formation (possible Target...59.20 area) coming to fruition...if we head further lower...caution and watch for that one. Topside, we've the key 50% Fib at 66.19 as resistance.
NYMEX Heating Oil (Front Month Continuous)
A weekly Key Reversal Down and a second consecutive close under the Middle Tine of the 2016—2017 Schiff Pitchfork (currently 1.8944). We're currently trying lower. We've the chance for a Bearish Halfway Hesitation/Bear Flag based on 2018 action so far...Target 1.6800 area at this time. Topside resistance is from the recent 50% Fib at 1.9757. Better support is at the ascending coincidence of the Lower Tine of the 2016—2017 Andrews Pitchfork (currently 1.7733) and Long MA (currently 1.7740).
NYMEX RBOB(Front Month Continuous)
Still calming down after the jump in change of front month, this time with an Indecisive Spinning Top Pattern. Support is significant at the Aug—Oct 2017 50% Fib at 1.8540 and then the recent 50% Fib at 1.8027. Topside resistance is best at the 2018 high at 1.9537 with limited pressure until 2.0140. Overall, MAs indicating a continuing gradual ascent with the chief initiators being the Long MA (currently 1.6834) and the Feb 2016-to-date Uptrend below the market at 1.6516.
I CE GASOIL (Front Month Continuous)
A Bearish Key Reversal Down on the Weekly Chart and a Bearish Harami on the Daily Chart plus a second consecutive close under the Medium MA (currently 575.00). We're seemingly trying lower again today. We've the chance for a Bearish Halfway Hesitation/ Bear Flag based on 2018 action so far...Target 512.50 area at this time. Nearby support's at the 2018 low of 539.25 but stronger between 526—514 consisting of the Long MA (currently 526.25), 50% Fib of the 2017 move at 516.25 and the Lower Tine of the 2016—2017 Bullish Andrews Pitchfork (currently 515.00).
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