WTI Crude Oil Bulls On Hold For Next Upswing

Another day of weak RSI and CL struggling to break below 9000 with conviction. We think that there are several Bulls ready and waiting on the next swing back up, and it’s going to be a strong wave. Many signals will be turned on once we see all the major MAs come together for a party in the coming days. I’m not sure what exactly that cross will be called, but it’s on the horizon. Resistance numbers start with 9118, 9200 and 9334. The support numbers come along at 9022, 8955 and 8813. The front spread is slipping past our –47 level, but holding with roll here. Flat price dips early, but again makes a strong showing to close.

Trends are only for the affected:
The 10min chart start the day like we did yesterday with a slight uptrend. We think this holds the support line down to the 9060 area, and tracks higher. The pivot will edge higher around the 9120 area, and that leaves channel resistance at 9150. Back to the solid 60min chart and the downtrend is getting tested to the upside once again. It’s feeling a bit worn up here and may be ready to breakout. Failure reigns us in to fall to pivot at 8900 and the support line around 8770.

Techies, some Trekkies
-200 Day MA 9035
-100 Day MA 9083
-13 Day MA 9234
-8 Day MA 9128
-14 Day RSI 35.56
Spread now; Roll later
-Switching heat to gas
-Key support: -53, -58, -64
-Key Rests: -47, -42, -35

Gasoline:
RBJ3 here. The move yesterday gives us another day at similar numbers. We will look for 31524, 31707 and 31960. The support numbers come back to us at 31175, 31005 and 30805. The front spread continues to fail. We go with new resistance up at 210, 248 and 290. Support numbers try to hold 172, 134 and 98. The RBCL sees 4091, 4145 above and support to 4022 and 3985.

Distillate:
HOJ3 is where we are. Has made a bounce and now we look for resistance at 29967, 30094 and 30321. The support numbers fall in at 29840, 29646 and 29345. The front spread is working it’s way back to the upside and tests resistance at –750, -712 and –688. Support finds –777, -805 and –844. The HOCL looks above to resistance at 3469, 3515. Support holds 3403, 3337.