WTI Crude Oil Charts Pivot Above 86.30, Channel Resistance 86.75

I need everyone to know that being the punter when it comes to technical analysis, I tend to be late to the party on most Bear moves. I try to remain neutral to the charts, but like my fundamental analysis, the most consistent signal I have is when I give in to what I think is a market headed lower. That said, we may be starting a reversal from the recent wave lower.

We’ll figure on resistance at 86.80, 88.34 and 89.92. Support looks familiar at 85.65. 84.42 and 8311. The front spread remains positive and roll has left it unaffected. The support remains to –54 and we are starting to look for resis-tance at –48. Flat price can carry higher, but we think this leads to flat by end of day.

I’m going with a lot of hope here. I look at the 10min chart and I can only think how many times I was fooled into thinking higher from here. We’ll try again and look to hold the support line down to 85.85. We can see a pivot above to 86.30 and channel resistance at 86.75. If we break back, reversal/consolidation hits at 85.60. On the 60min chart we are trying to pop out of the downtrend, but a strong move is needed to break the trend and we’ll need trade above 88.30 to confirm.

Gasoline:
The RBF3 is following the complex up. We see resistance at 26378, 26589, 26843. The support numbers fall in at 26223, 26002 and 25854. The front spread jumping here and looks at resistance at –66, -54 and –42. Support holds back to –80, -91 , -104. The RBCL is trending higher with support to 2422 line and slippage down to 2360. Resistance looks to 2446, 2514.

Distillate:
HOF3 riding along the run. I have resistance here at 29564, 29765 and 29983. The support numbers fall back to 29302, 29168 and 28980. The front spread is finding a ceiling of resistance at –40. Above here and we’ll target –33, -26. The support numbers come back in at –51, -69. We move over to the HOCL and we catch resistance here at 3785, 3844. The support numbers go to 3711, 3696.

Techies, some trekkies
200-Day MA 92.99
100-Day MA 90.74
13-Day MA 87.20
8-Day MA 86.91
14-Day RSI 45.66

Spread now; Roll later
New year, new spread
Key support: -67, -73, -77
Key Rests: -59, -52, -48