WTI Crude Oil: Likely Reversal In Charts

Well we knew this day would come. We’re just about neutral on RSI and that nutty Golden Cross is nearly upon us. The question is now do we follow through on that bullish signal. We’re thinking the way the charts look it’s going to have to be a reversal but we’re just not sure how far that momentum takes us in the short term. We’ll watch resistance at familiar territory of 9644, 9720 and 9812. The support numbers fall in line at 9504, 9426, 9355. The front spread has held support at –56 and with roll half over, we think that we’re going to see this range of –51 to –56 stay until expiry. Flat price holding here, but strong to the close.

Trends are only for the affected:
There’s not enough of an argument to call the 10min chart in any kind of downtrend. We think that the holding pattern here is to remain in a sideways move and hold support to 9530 and resistance at 9590. Outside there we might get a hint of direction. The 60min chart looks to be in a firm downtrend with the support line lightly holding the 9500 area. A move above the pivot in the 9600 area gets us on track to test channel resistance at 9660. A move above 9720 can reverse this move.

Techies, some Trekkies
- 200 Day MA 9073
- 100 Day MA 9043
- 13 Day MA 9658
- 8 Day MA 9647
- 14 Day RSI 54.21
Spread now; Roll later
- Making product month
- Key support: -49, -54, -59
- Key Rests: -43, -37, -32

Gasoline:
RBH3 has taken the edge off the uptrend and now settles into a sideways consolida-tion pattern. We are hitting resistance at 30599, 30711 and 30924. The support comes along at 30244, 30048 and 29825. The front spread has not been able to gar-ner much direction as of late. -2002, -2070 and –2110 support, resistance hits –1986, -1944. The RBCL has 3293, 3334 above and 3191, 3107 below.

Distillate:
HOH3 has stalled for now. We see support holding 32443, 32233 and 32130. Upside resistance will look to 32447, 32553 and 32713. The front spread has been pushing higher against resistance at 260, 282 and 300. The downside will catch up to support at 240, 226 and 212. The HOCL has been strong and will look above to resistance at 4071, 4111. The support holds 3191, 3129.