Crude Oil: "Support Numbers Fall Back On 10616, 10502 And 10430" Says Ca

We’re flirting with another day of neutral RSI and already tapping on the door to 10700. It seems that if we were ready to make a breakout to the upside, now is get-ting to be a good time. The chart seems range bound overall, but the momentum is shifting here and we think we can continue to see resistance to the upside at 10742, 10832 and 10945. The support numbers fall back on 10616, 10502 and 10430. The front spread hits resistance at 78, 85 and 92. Turning back lower, we catch support to 58 and 44. Flat price continues higher today and we don’t see much coming in to slow down the move up.

Gasoline: We’re moving on to RBV3. We’re starting the new contract month here and flat price volume welcomes us to the party. This hits resistance at 28740, 28862 and 29024. The support numbers fall back on 28530, 28391 and 28190. The front spread now in VX looks to 495, 536 and 589. Support here looks to 381, 355. We look at the RBCL and see support at 1285, 1246. Resistance hits 1324, 1383.

Distillate: We’re following HOV3 now. We’re pushing over to V3 here too and volume is way ahead of us. We will look to support to hold at 30925, 30760, 30644. Back up, we see resistance at 31088, 31249 and 31412. The front spread moves along to VX and looks to hold a range. We see support to +10 and resistance here to +40. The HOCL is trending lower and looks to 2290, 2246. The upside looks to 2361, 2398.

Trends are only for the affected: It’s a rally here this bright and early morning on the 10min chart (5am EST), but it’s not helping with laying out a good trend strategy. We are pushing the upside of the range at 10740 and we still see support be-low to 10550. The 60min chart gets artsy here. We’ll take some liberties with the trend channel and draw it as we see fit for now. Support line is not in doubt at 10620. We’re going with the pivot at 10740 and the channel resistance at 10875.

By Carl Larry