Crude Oil Charts Witness Renaissance Of The Bulls

Bless those trading volumes and volatility. All I’m doing is changing the rhetoric and keeping the numbers the same, like the Government. We’re seeing a renaissance for the Bulls on the chart and it’s heading back to the resistance at 10262, 10375 and 10420. If we turn back to support levels at 10147,10060 and 9986. The front spread slipped to find support to -08, but might be getting a little overdone here. We’re going to keep an eye on resistance at 00 and +08. If flat price slips, look for the spread to take a hit to the –14 area. Today we’re looking to see flat price head lower early and try to get back some back into the close.

Gasoline: We’ve moved on to RBX3. That’s a difference a day makes in RB. We are now reset-ting resistance to 26867, 27035 and 27218. The support numbers fall back 26713, 26550 and 26330. The front spread found new life and is testing resistance at 187, 212 and 240. The support looks to hold 129, 100 and 75. The RBCL is taking off with resistance to 1113, 1188. Support back to 1000, 918.

Trends are only for the affected: Well at least I was up early enough to enjoy that moment when we looked like were going to trend higher. Alas, the 10min chart is giving it up quickly here this morning and we’re not going to end up with much more than sideways action. The support can try to hold 10120 and upside resistance hits 10250. The 60 min chart may be playing sideways with support to 10060, but we’re still in the old downtrend from last week and that keeps resistance at 10260 with pivot below at 10020.

Fundy you should mention: I want to summarize how the funds are trading oil right now; buy, sell, buy, sell. Got that? For every day that we rally to $104 is another day we sell off to $100. The trick here is that they are trying to figure out a fair value in relation to global demand and the Brent. That spread is testing -$10 again today and we think that funds are going to go all in once it flips over. We also think that as we see that spread widen, we’re seeing funds judging the odds of a double dip recession. The further the Brent gets from the WTI, the more it looks like global demand is staying ahead of the game.

Sorry, I am just physically attracted: Well now that the EIA is shut due to “a lack of appropriations”, everyone is trying to get theirs. We have the API ready to laugh at everyone that balked at paying for their numbers. There’s Genscape and their Cushing number this week. They still think that they got it right and the EIA is usually wrong. There’s OPIS that is going to put out a gasoline and diesel forecast too. At this point I want to officially throw Oil Outlooks Oil inventory report into the ring. At 10:30am EST on Wednesday, I will put out an inventory report on what I believe we missed. Hey, there’s nobody out there to say I’m wrong so why not. I think that I’m pretty accurate on the Guesstimates and I can have a lot more fun telling it like it is.

Techies, some Trekkies

--200 Day MA 9836

-- 100 Day MA 10278

-- 13 Day MA 10281

-- 8 Day MA 102.76

-- 14 Day RSI 41.18

Spread now; Roll later

-- Everything is expensive

-- Key support: -14, -22, -30

-- Key Rests: 00, +06, +11