We are seeing a little more weakness this morning, but with the light volumes, it’s easy to push the market in a trending direction for a few minutes. We aren’t getting a lot of other signals to see this chart commit. So again, we turn to the numbers we already know.
We are already in a found range and we can return to resistance at 8742, 8853, and 8913. The support numbers come along at 8650, 8541 and 8436. The front spread is wallowing here in near the –70 area and we think that ahead of roll we might see more pressure to the –77 level before we see a bounce back to the –60 area. Flat price will continue its former climb today and could break 9000.
Techies, some Trekkies
- 200 Day MA 9404
- 100 Day MA 9084
- 13 Day MA 8675
- 8 Day MA 8742
- 14 Day RSI 50.84
We started lower on the 10-minute chart yesterday afternoon and the trend has been solid overnight. This will give us room to hit the support line in the 8640 area. We have room to rally up to the pivot in the 8700 area and then run up to channel resistance near the 8740 level. A rally past the 8820 number will help break the move and get us concentrating on trade above 9000. That gets us to the 60-minute chart which will break the first range support number at 8620 and look then to 8500-8480.
By Carl Larry
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WTI Crude Oil Showing Weakness, Support 86.50, 85.41
Published 11/29/2012, 12:46 AM
WTI Crude Oil Showing Weakness, Support 86.50, 85.41
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