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WTI Crude Oil: RSI Back Up And Over The Oversold Mark

ByCommodityOnline
Published 03/06/2013, 05:17 AM
Updated 05/14/2017, 06:45 AM
CL
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Thanks to the overnight rally, we’ve managed to push the RSI back up and over the oversold mark.
Trends are only for the affected:
The 10min chart has garnered a little uptrend strength overnight. We can see this looking to maintain the support line in the 9030 area. The top of the channel looks for resistance in the 9110-20 area. Nothing too exciting as the 60min chart still rules the move. We dropped yesterday to hold the support line in the 8930 area and subsequently bounced right back. We are now targeting the upside channel resistance at 9100. If momentum breaks out, it’s a long way to reversal in the 9550 area.

Techies, some Trekkies
- 200 Day MA 9036
- 100 Day MA 9084
- 13 Day MA 9323
- 8 Day MA 9185
- 14 Day RSI 31.11

Spread now; Roll later
- Switching heat to gas
- Key support: -53, -58, -64
- Key Rests: -47, -42, -35

Gasoline:
RBJ3 here. The move on the chart looks like consolidation for now. We need to break out of resistance at 31487 to see 31693, 31946. Support turns back to 30911, 30752, 30668. The front spread dropped to hold the 298 support area, but we think like CL this is getting overdone. Below we hold to 244, but resistance gets tested at 314, 350. The RBCL has support to 3941, 3890. The resistance looks up to 4056, 4132.

Distillate:
HOJ3 is where we are. Continues in a consolidation range for now. We think that we can hold the support to 29184, but below and we return to the downtrend and target 28990, 28774. The resistance needs to first get above 29446, 29698 and 29860. The front spread dropped to our –870 support and we think –899, -914 are in sight. Above we look to –840, -820. The HOCL remains between 3224, 3307.

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