WTI Crude Oil Support Line Hods Down To 93.20 Area

We’re making the switch to the CLK3 as we’re headed into expiry tomorrow. We think that the volumes are still pretty light, but with everything else going on right now, oil is getting the second and third looks for money. We’ll keep an eye on resistance as we start to get a run on the upside. We like 9430, 9555 and 9672. Support falls back on 9338, 9252 and 9136. As we move into the next month in CL, we’re also adjusting for the summer CL spread in CLK3/CLM3. We think that upside is key here and resistance targets –18. Failure will have room to fall back and look to hold the –32 area. Flat price finds higher today.

Trends are only for the affected:
We get back to the 10min chart this morning, with not a lot of detail to direction. The overnight market held a steady and tight range. We see the support area holding the 9350 area, but the upside seems at 9430. A breakout to the upside seems more likely, and we’ll eye resistance. The 60min chart continues to trend higher quite nicely. We are undecided on the channel resistance in the 9490 area, there seems to be much more room. Support line holds down to the 9320 area.

Techies, some Trekkies
-200 Day MA 9051
-100 Day MA 9101
-13 Day MA 9206
-8 Day MA 9181
-14 Day RSI 54.80

Gasoline:
RBJ3 here. Support looks likely to be tested lower . We’ll start with the 31000-30977 area. Below there we’re looking for 30832, 30685. Resistance looks back to 31264, 31452, 31600. The front spread edges lower and the 95-90 area is key sup-port to hold before failure to the 78, 55 areas. Resistance looks to 115, 140. The RBCL has lower to 3545, 3489. Rallies hold to 3629, 3672.

Distillate:
We are at HOJ3. The trend here is lower, and we’ll be looking for support to head down to 28955, 28850 and slippage below the trend line at 28689. Upside resistance will catch up to pivot in the 29142 area then on to 29300 and 29478. The front spread is precariously holding the –1105 support with –1165 and –1211 below. Above, we knock on –1084, -1064. HOCL looks lower to 3218, 3175.