Wti Crude Oil: Carl Larry Sees Resistance At 96.92, 97.45

We know that CL options volatility has been at it’s lowest since 1996, but this is be-coming quite obvious on the daily charts too. We aren’t seeing much action overnight since the holidays stCarted last month. We do think that this may be a precursor to a bigger move in the near term. We’ll monitor the movement from here, but it does seem that pressure is building. We can look for upside resistance to tap 9692, 9745 and 9856. The chance to move back to support will look for 9570, 9444 and 9328. The front spread has tightened and knocks on –43 resistance. -49 can return to sup-port. Flat price grinds higher today, but starts to look thin by the close.

Trends are only for the affected:
Waking up early is hard as it is, but looking at the 10min chart makes me want to head back to bed. Nothing here as we hold a sideways range from 9560 to a generous resistance at 9660. A move outside that range will lead in better direction. The 60min chart continues it’s uptrend. We have the support line holding the 9550 area. Above there we target pivot at 9680 and resistance up in the 9820 area. We have defended the support line several times, but another push below coudl signal reversal.

Techies, some Trekkies
-200 Day MA 9106
- 100 Day MA 9046
- 13 Day MA 9480
- 8 Day MA 9556
- 14 Day RSI 67.75

Gasoline:
We can extend the trend on the RBG3, but it’s getting thin with expiry due. Support looks to 28527, 28355 and 28287. Upside resistance looks at 28795, 28948 and 29100. The front spread holds a tight range to start the day between –140 and –120. A move lower will head to more support at –191. The RBCL is also thin. Resistance looks to 2571, 2632. Support holds it’s own at 2460, 2376.

Distillate:
HOG3 seems to continue fading into the expiration week. We will look lower to the support at 30497, 30337 and 30175. The upside checks in on resistance levels of 30602, 30727 and 30835. The front spread is holding on tight to support at 75 and below could move swiftly to 66, 54. Returning to a rally, resistance hits 82, 90 and 97. The HOCL holding 3199 with 3142 below. Higher gets to 3250, 3310.

By Carl Larry