Trend Line Support Redrawn To 92.65 For WTI Crude Oil

We’re back and looking at a strong chart. Just exactly how I wanted to start 2013. This morning’s RSI may seem a little elevated with the trading community returning from the time off and volume steadily increasing. We’re accelerating into the roll early this month and reallocation has already shifted focus.

We’re going to keep our eye on the prize and look for resistance numbers at 9372, 9488 and 9555. The support numbers can fall back on 9156, 9051 and 8943. The front spread remains strong with –42 our first resistance and then on to –39. Pressure from the roll was weak and short last month, expecting the same here. Flat price finds higher all day.

Trends are only for the affected
Well this is one way to start off the new year. We are watching a solid uptrend on the 10min chart and we like the way it’s headed. We’ll cover the trend line support to the 9265 area with slippage allowed to the 9250 support. Upside resistance will target pivot in the 9340 area with an upside channel target of 9400. The 60min chart has broken out and above the former uptrend channel. We will need a significant move today to redraw or start anew.

Techies, some Trekkies
200 Day MA 9189
100 Day MA 9062
13 Day MA 8940
8 Day MA 9061
14 Day RSI 67.95

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

Gasoline: RBG3. We start with resistance numbers at 27979, 28143 and 28355. The support numbers fall back on 27810, 27590 and 27480. The front spread finished last month strong and we’re expecting the same here. We’ll target resistance at +05, +18 and +30. Support will look back at –10, -18 and –24. The RBCL has resistance above at 2465, 2614. Support holds 2388, 2324.

Distillate: HOG3. Continuing the rally here we look to 30543, 30665 and 30824. The support levels will retreat to 30398, 30234 and 30100. The front spread looks to maintain sea-sonal strength with resistance at 179, 185 and 192, The support numbers come back to 159, 138. The HOCL has been weak and trending lower. We look to support at 3470, 3433. Resistance looks back to limited areas of 3540, 3568.

By Carl Larry