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WTI Crude Oil Takes A Peek Above $90 Briefly Support Levels 88.56, 87.13

ByCommodityOnline
Published 12/05/2012, 05:18 AM
Updated 05/14/2017, 06:45 AM

We gave it a good shot yesterday and took a peek above $90.00/barrel for WTI Crude Oil. We didn’t last to long, but the efforts were there. We think that another push above the figure will convince the length to welcome it back like a lost family member. Now we have to find the mo-mentum to rebuild it like Steve Austin.

At least we know that the support numbers will look back at 88.56, 87.13 and 86,22. The upside now can adjust to resistance at 89.35, 90.26 and 91.19. The front CL spread took a tumble yesterday with early roll pressure. Interesting to note on the volume side that as the close pushed lower, strong buyers were taking the lots. Flat price rises again today.
WTI_Crude_Oil_901
We fell hard from the uptrend yesterday on the 10min chart. Overnight provided a nice consolidation to move us sideways and this morning we’re back on track to the upside. We like this uptrend to hold the support line in the 89,00 area. Resistance for a channel will come in around the 89.40 area, but it’s too early to commit to a range. The 60min chart has pushed out of the upside range resistance, but now it need to establish a better move to call it an uptrend.

By Carl Larry

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