WTI Crude Oil Charts: Anaemic Volume Gives No Room For Cheer

Not a lot to give you after yesterday’s lousy show. Volumes were anemic and we again fell into the second half of the day. There’s not a lot of reason to see much more different today and we’re going to just play along quite casually. We are going to head into the last few days prior to expiry and start to look higher. We have resistance at 8792, 8868 and 89.35. Failure can lead us back to return to support at 85.79, 84.44 and 83.13. The front spread has refused to give up much ground and looks to hold support to –56 with upside targeting –52. Flat price may stall sideways, higher if we can get interest.

Trends are only for the affected:
I hate the details, but I love the truth. So, we’re going to be honest and take a look at the minor downtrend on the 10min chart this morning. It may be a relief move after yesterday’s run up, but the chart shows us holding the 8600 area. A rally will have to trade above 86.85 to correct back to neutral. The 60min chart also has not convinced that we are reversing the current down trend just yet. We’ll need a move above 88.20 to see that confirmed.

Gasoline:
We see strength across the board, but remaining flat here. That has resistance above at 26505, 26649 and 26949. The support numbers can return to 26355, 26241, 26004. The front spread look cheap here and resistance faces –12, +02, +14. Sup-port holds back down to –50, -72 The RBCL continues the trend higher with support line to 2440 and channel resistance at 2535.

Distillate:
HOF3 looks strongest in the complex. We have resistance above at 29781, 29891 and 29988. The support numbers follow lower with 29650, 29441 and 29292. The front spread hit gold yesterday and now looks to resistance at +30, +44. Support move up to +18, +05 The HOCL trends higher with room to move up. Support line holds the 3800 level, then rises to pivot at 3885 and resistance at 3977.

By Carl Larry