WTI Crude Oil Bange Bound: Carl Larry

Will you look at that, after all of the fundamentals played out, we’re still right where we’ve been. Happy happy, joy joy. Numbers here are not changing the chart and it’s heading back to the resistance at 10262, 10375 and 10420. If we turn back to support levels at 10147,10060 and 9986. The front spread slipped to find support to –24, but might be getting a little overdone here (again). We’re going to keep an eye on resis-tance at –16 and -08. If flat price slips, look for the spread to take a hit to the –30 area. Today expect to see the flat price rise early, stutter into the middle of the day and close without much change.

Gasoline:
We’ve moved on to RBX3. That’s a difference a day makes in RB. We are now reset-ting resistance to 26867, 27080 and 27240. The support numbers fall back 26550, 26330 and 26155. The front spread found new life and is testing resistance at 180 and 212. The support looks to hold 156, 130. The RBCL is up and away and looks to hold resistance at 1160, 1189. Support back to 1112, 1067.

Trends are only for the affected:
Oh so close. We really tried hard yesterday to pick up the momentum and get things started in a direc-tion, but that failed. The 10min chart here looks no different than any other day and we’re stuck in the same sideways between 10040 and 10260. The 60min chart held up quite well and some of you saw the update on the website. We see this hitting channel resistance with some slippage. We’ll look again to hold the 10215 resistance and look lower to the pivot at 10080.

Fundy you should mention:
Well there you go. We can all go back to anticipating what happens next. As for fund money that was finding it’s way back to oil, we hope you can find something in oil that investment may not find anywhere else; stability. That’s right, since 2012 WTI has stayed within $85 and $110. You could probably elimi-nate some slippage and put it at $92 to $104. That’s not a bad deal for keeping money safe. We’re alos going to get back to the normal economic releases and maybe even play catch up with the ones we missed. We’re not sure about when or the if.

Sorry, I am just physically attracted:
Now that Grangemouth has been settled, we’d like to welcome all EU refiners to reality. This is what happens when that benchmark crude, Brent, that you have adored for so long is now a lot more expen-sive than WTI. The US demand has hit a plateau since 2009 and since 2011 our production of domestic crude has provided us with plenty of supply. Now EU refiners are going to have to scale back signifi-cantly to stay profitable. Not that is going to go well with a lot of the oil workers unions, so let’s take Grangemouth like another US budget deal or Iranian nuclear talks. We’re going to send up the yellow flag and ask everyone to approach with caution.

Techies, some Trekkies

200 Day MA 9851

100 Day MA 10301

13 Day MA 10262

8 Day MA 10221

14 Day RSI 42.56

Spread now; Roll later

Everything is expensive

Key support: -14, -22, -30

Key Rests: 00, +06, +11

By Carl Larry