Crude To Find Support At 9275, Gas To Range Sideways

Overnight helped ease the froth in the RSI and we managed to pull back just a bit. Something to note though is the converging of the 200D MA and the 100D MA. We think that a cross will help confirm a continued bullish move on the chart.

It’s quite possible that we see the move come together as CLG3 expires next week. In the meantime we'll continue to grind higher and look for resistance at 9382, 9474 and 9550. The support numbers will return to hold 9248, 9151 and 9014. The front spread is trying to hold the roll and maintain support down to the –48 to –52 areas. Flat price is going to maintain flat to a late rally.

Gasoline
RBG3. Overall the chart looks like we’ve been holding sideways for the past week. We think big picture support heads back to 27681, 27560 and 27427. Upside resistance at 27841, 27967 and 28129. The front spread has been fading and the –140 support area looks key. Below –152, -169. Resistance gets back to –105, -75. The RBCL holds 2330 and fights to trade above 2392.

HOG3. A solid reversal to the uptrend here. We see the support line holding to 30540, slippage to 30459 and reversal under 30185. Upside targets resistance at 30674, 30758 pivots and 30968 channels. The front spread rising, but resistance at 157, 166 and 174. Support holds a retreat back to 143, 134. The HOCL trending nicely and we see the support line holding 3531 and targeting 3600-3620.

Trends are only for the affected:
Pretty tepid action overnight on the 10 min chart. This leaves us with a sideways move and range. The support area is thin, but looks to 9275. A move up tests a resistance in the 9330 area. A move beyond these levels will still need momentum to follow through on direction.

The 60 min chart continues the cold uptrend. We may be ready to test the trend line support at 9275, and slippage can move to 9150 without much worry. A rally will look up to the pivot in the 9430 area.

Techies, some Trekkies
-200 Day MA 9155
-100 Day MA 9058
-13 Day MA 9157
-8 Day MA 9251
-14 Day RSI 66.56

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

By Carl Larry