Cautiously Bullish On Crude Oil, Resistance 94.61, 95.55

The move in the CL has been at best uneventful. We do see RSI getting a little breath-ing room to the 67 area, but it’s still hot. A move back lower would help the chart find it’s way back higher, but for now we’re cautiously bullish. We would first like to see resistance tested at 94.61, 95.55 and 96.48.

Support numbers will look to hold 9361, 9267 and 9124. The front spread has moved past the roll period and now remains bullish. We see another test of the –42 resistance and a strong push to test the –39 to –38 area. Support holds to –48. Flat price will look to continue higher today.

Trends are only for the affected:
There’s not been much the way of the trend chart lately, but this morning’s 10min chart has some upside potential. We’ll take what were given and use the support line in the 9410 area. This will put the pivot right in the 9465 area and channel resistance up to 9520ish. The 60min chart remains in it’s positive mode. We have the support line looking to maintain support along the 9340 area also. The only change here is the resistance which give more room to the 9390 area.

Techies, some Trekkies
- 200 Day MA 91.26
- 100 Day MA 90.43
-13 Day MA 93.38
- 8 Day MA 93.72
- 14 Day RSI 67.82

Spread now; Roll later
- Now we’re into 2013
- Key support: -59, -66, -72
- Key Rests: -48, -42, -39

Gasoline:
RBG3. We’ve pushed lower and it’s right back up to past numbers. Resistance looks above to 27360, 27504 and 27610. We may be looking at a solid breakout above. Support has room to 27214, 27046 and 26955. The front spread seems stronger, but really has settled into a range from –180 to –150. We’ll need a move outside to catch a trend. RBCL now pushing lower with support at 1980, 1946. Above 2030, 2088.

Distillate:
HOG3 trying to maintain strength and sideways. We have resistance at 30143, 30311 and 30525. Support needs to hold 30080, 29979 and 29768. The front spread has continued lower and now looks to support at 58, 46 and 38. The upside remains to be tested at 76, 85, 100. The HOCL finds support at 3150 with a drop below to the 3100 area. Upside looks to 3266, 3330.