WTI Crude Oil: Support At 91.50 Area, Pivot Above 92

We are turning this beat around. The RSI has bounced off the low 30's and now plays above 40. We think that we can trend this along with the move on the chart, and get it back to the resistance area in the 9522 area. On the way, we’ll see resistance at 9200, 9345 and 9438. The support numbers will fall in down to 9121, 9024 and 8955. The front spread has been dealing with index roll with strong support. The support number at –47/-48 has held quite well. A slip underneath paves the path to –52/-53. We’re going to look for flat price to rally early and close just as strong.

Trends are only for the affected:
Trading within these parameters has proved to be successful, and today is no exception. The 10min chart has started an uptrend that is keeping tight. The support line holds the 9150 area with pivot above at 9200. That leaves channel resistance at 9250. The 60min chart has been slowly looking to break out to a reversal. The first target is the 9350 area - and then 9550.

Techies, some Trekkies
-200 Day MA 9035
-100 Day MA 9083
-13 Day MA 9234
-8 Day MA 9128
-14 Day RSI 35.56
Spread now; Roll later
-Switching heat to gas
-Key support: -53, -58, -64
-Key Rests: -47, -42, -35

Gasoline:
RBJ3 here. Yesterday's move gives another day at similar numbers. We will look for 31524, 31707 and 31960. The support numbers come back to us at 31175, 31005 and 30805. The front spread continues to fail. We're going with new resistance up at 210, 248 and 290. Support numbers try to hold 172, 134 and 98. The RBCL sees 4091, 4145 above and support to 4022 and 3985.

Distillate:
HOJ3 is where we are; made a bounce and now looking for resistance at 29967, 30094 and 30321. The support numbers fall in at29840, 29646 and 29345. The front spread is working it’s way back to the upside and tests resistance at –834, -788 and –745. Support finds –870, -933 and –960. The HOCL looks above to resistance at 3313, 3378. Support holds 3289, 3226.

By Carl Larry