Crude Oil: Expected To Give One Last Push Before Next Retracement

Well it’s going to be one of those times. We’ve seen RSI continue to float higher to the overbought area of 70. Although we’ve seen extended periods of this, it’s getting a bit tiring. We think that this has one last push here until we see a retracement lower.

We would first like to see resistance tested at 9461, 9555 and 9648. 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:
Aside from a small dip overnight, we are back on track with our uptrend from last Friday. We now have a bigger swath to cover most of the move. This gives us our trend support line at 9400. Pivot sits above at 9455 and the channel resistance hits a ceiling at 9490-9510. The 60 min chart has managed to return to it’s past uptrend and is looking good. Support line holds the 9380 area with a pivot above at 9545. Our major move will find resistance at 9700.

Techies, some Trekkies
- 200 Day MA 9140
- 100 Day MA 9051
- 13 Day MA 9266
- 8 Day MA 9337
- 14 Day RSI 69.87

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

Gasoline:
RBG3. We’re seeing a lower move sideways here. A push up to resistance will get us to 27400, 27567 and 27805. Support looks thin under 27285 and then a fall to 27183, 26970. The front spread also looks thin at support of –158. Failure will fall to –169, -177. A return to higher gets resistance at –141, -126, -118. The RBCL flirts with sup-port at 2086 then 2026. Upside holds 2188, 2323.

Distillate:
HOG3. Stronger, but looking for confirmation. A push through resistance at 30420 gets us to 30566, 30696. Falling back to support we see 30230, 30100 and 30008. The front spread looks ready to pop resistance at +89. From there we get to 99, 110. Failure retreats to support at 72, 62, 50. The HOCL has resistance at 3352, 3402 and 3444. Support comes back to 3267, 3234.

By Carl Larry