WTI Crude Oil May Try Another Test Lower

So sad I missed yesterday, but for the most part it was a market undecided about direction. We saw positive to fall to negative to grind back to unchanged only to fall again in the post and stay there overnight. All the while, volume has been thin at best. We are going to look for another test lower to see if we can hold support to 9192, 9088 and 8950. The upside has room to attract Bulls only if we can stay above 9000. We’ll target resistance at 9265, 9348 and 9452. The front spread is staying tight at resis-tance at –42/-41 and we will look for it to slip back to support at –47. Flat price fades, but gains strength to the close.

Trends are only for the affected:
Nothing has changed much on the 10min chart from what we’ve seen yesterday. It still looks range bound with support holding the 9190 area and upside keeping moves contained at 9340. There’s a lot of indecision in the market right now and we think that a move outside these levels will signal direction in the short term. The 60min chart is trending lower with the support line looking to hold the 9150 area. Pivot sits at 9290 and channel resistance at 9380. Reversal above 9660.

Techies, some Trekkies
- 200 Day MA 9043
- 100 Day MA 9079
- 13 Day MA 9529
- 8 Day MA 9446
- 14 Day RSI 37.16

Spread now; Roll later
- Switching heat to gas
- Key support: -53, -58, -64
- Key Rests: -47, -42, -35

Gasoline:
With specs having exited positions in RBH3, we’re going to focus our chart on RBJ3 now. This gives us support numbers to start with 32160, 31949 and 31774. To the upside, we find resistance at 32396, 32609, 32794. The front spread moves to JK. Here we like support to hold 368, 345 and 318. The resistance has room to 376, 416. RBCL looking for support to hold 4248, 4220. Resistance hits 4345, 4384.

Distillate:
HO moves to HOJ3 also. We start here with support numbers down to 30605, 30512 and 30389. The upside will look back to resistance at 30788, 30855 and 31003. The front spread moves along to HOJK. This comes in with support to –860, -900 and –934. Resistance looks back up to –826, -778. The HOCL continues to find lower and support holds 3624, 3606. The resistance comes along at 3664, 3694.

By Carl Larry