WTI Crude Oil Going For 9876, 9968, 10045 resistance

No need to change too much today. The charts are a whole new animal and we’ve gone into beast mode. The RSI had a significant move up the past few days and we went from whiner (37) to winner (61). There’s still room here to keep the home fires burning for the Bulls, but we will soon be treading lightly. We’re going for resistance at 9876, 9968 and 10045. We have a lot of room to support any corrections from here; 9675, 9563, 9470. The front spread made it’s run to our –13 target and now it’s in the range between –26 and above. Flat price had to wait until overnight to light the fire, but now it’s upward and onward to the close.

Gasoline
We’ve moving ahead to RBF4. Heckuva correction yesterday, but we’re coming back now. We’ll be looking to return to resistance at 27077, 27262 and 27378. We’ll have support back to 26864, 26742 and 26662. The front spread holding tight between –155 and –145. Outside that range we see –130 above and –169 below. The RBCL looking to hold support to 1462, 1388. Resistance up to 1525, 1609.

Trends are only for the affected
Hmm, nothing really here on the 10min chart no matter how creative I’m getting. I think there was a vi-able channel from 9755 to 9855, but we’re outside that right now. If we correct any this morning, I’d be looking to return to that area. On the 60min chart, there’s a slight tweak to the channel, but not much. We like the support line here to the 9770 area with a pivot just above to the 9950 area. That is going to leave us with channel resistance at a hearty 10130 area.

Fundy you should mention
And we again try to hype up the market regarding QE tapering. Look, it’s going to happen. Relax, get over it and let’s concentrate on things like, the people who are concerned about the QE tapering are the same people who were adamant about putting QE on in the first place. Everyone has an opinion, but not everyone makes the right decision. We’re slowly edging into holiday trade in December, but with Hanuk-kah behind us and Christmas right in the middle of the week, it’s not going to be as big of a deal. Nothing exciting today with Wholesale Trade (0.4) at 10:00am EST.

Sorry, I am just physically attracted
Oh my. For those who read through everything, you’re lucky you’re here. I am going to give away some of the secret on my EIA estimates. I’m truly psychic. Case in point, I was lying in bed this morning and at 3am I had a feeling that the oil markets were up $1.20 and trading well above $98.00. I’d like to kid about such things, but I was a little spooked when I saw the screen at 4am. This has given me confidence about the upcoming EIA stats and I have no doubts that we’re going to see a major draw tomorrow in crude and the shocker, a draw out of distillates. I know we had a bit of a down draft in products yester-day, but that should see significant demand picking that up tomorrow. Or today if you believe in the API.

Techies, some Trekkies

200 Day MA 9856

100 Day MA 10180

13 Day MA 9547

8 Day MA 9634

14 Day RSI 61.72

Spread now; Roll later

Everything is cheap

Key support: -39, -46, -52

Key Rests: -23, -13, -07