RBCL Sees Gasoline Resistance At 1326, 1388

RSI is sticking with the oversold area now. We could be looking for a bottom and find-ing it a lot sooner than later. We’re still going to have some room to let this failure con-tinue, but we think this comes to an end soon. We’re looking for support numbers at 9445, 9352 and 9246. The 9212 area is our penultimate support number and possible target. To the upside, we’re looking at resistance to 9525, 9663 and 9750. The front spread continues to fall and we think that this also is seeing it’s bottom. We’re looking to the support at –37 to hold with slippage to the –42 area. Flat price falls again today with a weak close.

Gasoline
We’ve moving on to RBZ3. RB has stopped the bleeding for now. We think that we’re going to hold temporarily. The support numbers come in at 25245, 25089 and 24878. The upside can stay contained in with resistance at 25542, 25666 and 25930. The front spread sees higher, with resistance at 85, 112. Support to 70, 31. The RBCL sees resistance at 1326, 1388. Support looks to 1271, 1228.

Trends are only for the affected
I’m not here to judge, I’m here to just read the charts. With that disclaimer in hand, we see a slight up-trend on the 10min charts. It’s holding, but it is early and might be irrelevant by the time you’re reading this. So let’s tag the support line in the 9400 area and check in on the channel resistance in the 9460 area. The 60min chart sees the same move, but we’re targeting range resistance in the 9500 area and above that might show promise of higher. Support holds the 9300 level.

Fundy you should mention
We’re edging another day closer to the Unemployment numbers and oil is figuring it out. For that matter, I think the fund money is doing the same. There’s a few ways to play this jobless recovery; buy equities and sell oil. We know that the consumers are getting stronger because the ones that are working are making more money, but there are less drivers on the roads without a job to go to. Voila! Take it a step further and we can buy into the global strength buying Brent too. We get Leading Indicators (0.7) at 10:00am EST today and of course some more Fed speak.

Sorry, I am just physically attracted
Leave it to the APIs to keep us scratching our heads. We have no arguments with the build in crude (+871K) or the build in Cushing (+999K). We even like the big draws in Gas (-4.29M) and Distys (-2.73M), but the bounce in refinery utilization (+1.2%)? Child please. That would mean that oil demand was through the roof and possibly some pretty harsh cuts in imports. If the EIA numbers back this up, I can’t imagine what Secretary Kerry’s talks were like in Saudi Arabia. I was on CNBC yesterday talking about the importance of that meeting, but how it was more important to them, not us. The guest on after me said the Saudis could “flood the market” if they were miffed with us. Come on man, think.

Techies, some Trekkies

200 Day MA 9870

100 Day MA 10327

13 Day MA 9658

8 Day MA 9553

14 Day RSI 29.66

Spread now; Roll later

Everything is expensive

Key support: -35, -43, -54

Key Rests: +06, +11, +18