WTI Crude Oil May Hit Another Pause: Carl Larry

There’s something that should be said for volatility, but it still lacks consistency. We’ll look for new hope on the switch to CLJ3. We are looking to hit another pause in the market, and the action down here only looks to test familiar support. We’ll figure on 9550, 9454 and 9343. It’s the upside that looks to hold the most action if we can breakout above the 9850-60 area. We’ll then look for 9972, 10048. We also move the front spread over to JK and start to think about the –47 resistance. Above there we look to –42. Support will hold –53 below with –58 past that . Flat price works it’s way back to flat and stays as such.

Gasoline:
RBH3 still trending higher and we think that this will continue. We see resistance at 31688, 31835 and 32043. The support numbers fall in at 31427, 31258 and 31073. The front spread trends higher with –1690 first resistance, and then –1622, -1578. Support looks to hold –1737, -1777. The front crack moves to RBCLJ3. We get resistance here at 4400 with 4434 above. Support holds 4367, 4308

Distillate:
HOH3 continues to find a lower trend. This has room to support at 31977, 31892 and slippage to 31776. Upside gathers resistance at 32055, 32152 and slippage to 32248. The front spread needs to hold support here in the 52 area or risk falling to 44, 35. Upside seems tight with resistance at 66, 75 and 84. The front crack also moves to HOCLJ3. Support holds 3800, 3757. Resistance looks up to 3870, 3915.

Trends are only for the affected:
There’s a slight edge to a downtrend on the 10min chart. Nothing really worth noting, but something to keep aware of as the day goes. The support line for the trend or consolidation holds in the 9570 area. Slipping through there and we think a more definitive move comes through. Upside resistance looks at the 9670 ceiling. The 60min chart treads lightly to hold the 9550 support area. We need a bounce here to remain cautiously bullish. A move above 9760 can cure the doubts.

Techies, some Trekkies
-200 Day MA 9053
-100 Day MA 9071
-13 Day MA 9664
- 8 Day MA 9646
- 14 Day RSI 49.47
Spread now; Roll later
- Switching heat to gas
- Key support: -53, -58, -64
- Key Rests: -47, -42, -35

By Carl Larry