Crude Oil Going For 9782, 9857 Resistance: Carl Larry

Crude: No need to change too much today. The charts are a whole new animal and we’ve gone into beast mode. The RSI had a significant move up the past few days and we went from whiner (37) to winner (57). There’s still room here to keep the home fires burning for the Bulls, but we will soon be treading lightly. We’re going for resistance at 9782, 9857 and 9977. We have a lot of room to support any corrections from here; 9675, 9563, 9470. The front spread made it’s run to our –13 target and now it’s in the range between –26 and above. Flat price is going to grind higher today, but don’t be surprised to get a strong mid day push higher to the close.

Gasoline
We’ve moving ahead to RBF4. And here we go… We’re catching some correction overnight, but we see resistance at 27350, 27484 and 27678. If we continue to see lower, we’re targeting support to 27018, 26865, 26595. The front spread is getting a bit of a correction here. Support to –155, -188. Resistance looks up to –130, -104. RBCL steady with resistance at 1693, 1777. Support to 1634, 1585.

Trends are only for the affected
Not surprising to see things cool off on the charts, but it gives us a slow roll uptrend on the 10min chart today. We’re looking at a support line along the 9690 area. This gives us a pivot target in the 9760 area and channel resistance at 9850. Reversal can be noted below 9630. The 60min chart gives us a pretty liberal move, but this redraw today shifts the support line to the 9560 area and sets a pivot around 9725. The channel resistance floats us up to the 9900 level. Lot of room to play here.

Fundy you should mention
Almost there! We’re almost as excited for tomorrow’s Unemployment report as we are about the EIA stats from yesterday. If the oil demand numbers are any indicator of demand coming from new workers, we should be pleased with the result. If the ADP Payrolls number (215K) is any indicator of the Jobs re-port, it’s going to be a pants party. All we need today is a solid Jobless Claims (322K) number at 8:30am EST and it’s going to be a 5 Star Lock. We do also have GDP (3.1) at 8:30 and anything up around 3% is going to be good. Factory Orders (1.2) at 10:00am.

Sorry, I am just physically attracted
Well let’s take a look at those stats and revel in the fact it’s December and we’re getting our holiday wish of being an oil independent country. Fact is we’re even making money on exporting product. We saw refinery runs up to 16M for an unseasonal record high. Distillate production at 5.1M b/d was also at a record high. Not to be passed on, but our demand for “other oils” was up 1.1M b/d to 4.2M overall for the week. We’ve covered this phenomena before and we’ve associated it directly to an increase in packing and plastics. Not so much out of the ordinary after the strong “Cyber Monday” we just had. Although if we’re sticking to this theory, diesel demand is right around the corner.

Techies, some Trekkies

200 Day MA 9849

100 Day MA 10209

13 Day MA 9441

8 Day MA 9467

14 Day RSI 58.39

Spread now; Roll later

Everything is cheap

Key support: -39, -46, -52

Key Rests: -23, -13, -07