Gasoline: RBCL Sees Resistance Returns To 1964, 2000

Well we’re back to refresh the numbers after a not so inspiring rebound on Friday. Kudos to those who did come in, there was a good bounce to cover the sellers on Wednesday, but not that was done by the close. We think that we might get some follow up rally today and look for a test of resistance at 9330, 9429 and 9560. The support seems slippy. We look for a hold here at 9209, 9147 and 9089. The front spread is picking up a little here, we’re looking to hold support to the key –33 area. The upside is tapping on the –26 resistance and above there will look to the –19 area. Flat price sits lower early, but rises to the mid afternoon and close.

Gasoline:
We’ve moving ahead to RBF4. Not getting the love we expected after the rally and we’re fading once again. Look for support to 26605, 26488 and 26279. The upside will look to resistance at 26780, 26993 and 27114. The front spread remains flat with support to –107, -131. Upside looks for resistance at –80, -64. The RBCL dropping fast here with support to 1900, 1868. The resistance returns to 1964, 2000.

Trends are only for the affected:
Outside of the spike on Friday, the 10min chart remains relatively flat. We’re looking at support to the 9210-9200 area. To the upside, we’re looking at resistance to cap the range in the 9330 area. Some slippage here will extend that to the 9390 area. The 60min chart sees the same unsure action. We may be able to extend this range with support to the 9180 area and push resistance to the 9480 area. Either way nothing indicative so far.

Fundy you should mention:
Here we go, big week for the US economy. Well I think it’s an important week to end the year. We have Unemployment on Friday and that’s going to help everyone from the top down figure out how we end 2013. A good number will build some confidence in the US recovery and give consumers and retailers a boost into the holidays. Hmm, anything short of better than expected is going to hurt. We start the week off with a bang and get PMI Mfg Index (54.2) at 8:58am EST. ISM Mfg Index (55.5) and Construction Spending (0.5) at 10:00am EST.

Sorry, I am just physically attracted:
My gosh it’s been a long time since I took a day off and Friday was joyous. Not a lot to report over the long weekend and that’s good, yet surprising. Usually over a longer period, we’ll see something run into trouble. This could be between the fact that refineries are still toiling in some maintenance, going into maintenance or just out of maintenance. That’s a lot of maintenance and we think that this week will be the first on the EIA stats that we see enough coming out that we finally make a dent in those oil invento-ries. The trick now will be, what to do with what comes out. We’ve see distillate supply continue to fall, yet that production is nearly at a record 5M b/d.

Techies, some Trekkies

200 Day MA 9849

100 Day MA 10263

13 Day MA 9390

8 Day MA 9388

14 Day RSI 38.33

Spread now; Roll later

Everything is expensive

Key support: -39, -46, -52

Key Rests: -23, -19, -07

By Carl Larry