WTI Crude Oil Charts Starting To Look Toppy, Expect A Correction

We’re moving on with the expiration and headed into CLH3. Nothing too different just yet, with RSI still elevated. We’ll be looking for some sort of correction up here as it’s starting to look toppy. That said, as we saw on Friday we think we’ll see today, the retracement will be short enough to keep us wanting more to the upside.

We’ll start with new resistance numbers at 9650, 9742 and 9844. The support side follow up with a move back to 9552, 9446, 9313. The front spread moves along also and now covers the CLH/J. This is within a tight range so far with support to –42 and resistance at –34. Flat prices sees the ease overnight, now rallies into the day.

Trends are only for the affected
CLH3 took a nasty dip overnight, but as we review the 10min chart overall the past day or so still looks set in a range bound move. We’ll need to break out above resistance at 9625 or the support level of 9540. Out to the 60min chart and things set up a bit nicer. We see the uptrend stabilizing higher. We’ll target the channel resistance above at 9710. Falling back, there’s plenty of room. We see pivot below at 9580 and the support line back to 9450.

Techies, some Trekkies
- 200 Day MA 91.18
- 100 Day MA 90.40
- 13 Day MA 93.92
- 8 Day MA 94.44
- 14 Day RSI 70.26

Spread now; Roll later
- Making product month
- Key support: -41, -45, -48
- Key Rests: -38, -34, -28

Gasoline:
RBG3. The look from the chart is higher and trending nicely. We see resistance com-ing in at 28049, 28181 and 28368. The numbers back on the support side return to 27806, 27613 and 27389. To the lower end, we kill the uptrend and look for consolidation. The front spread seeks resistance at –122, -114 and –100. Support looks to –150, -164. RBCLH 2245, 2272 above. Support sits below at 2186, 2115.

Distillate:
HOG3 trends higher. The test of resistance at 30900 will be key. We can push past to test 31088, 31245 and reset. Support comes back to hold 30705, 30598 and 30375. The front spread has resistance above at 145, 152 and 166. Looking back to support, we’ll reach for 128, 113 and 105. The HOCLH looks to get to resistance at 3302, 3345. Support holds 3087, 3011.