Not looking like we’re ready to kick anything into high gear today. We have settled in on the RSI with a neutral setting and hopes of a move overnight have so far fizzled. We still have faith in a bounce here, but the key is getting us up and over 9000. Our first point of resistance is 8853, 8980 and then up and over to see 9072.
Once we breakout, we should be able to set our sights back on higher. As for support, we’ll look to 8763, 8655 and 8524. The front spread has been tightening and seems ready to make it’s next move to the –52 area. If we touch there, we’ll mind the roll pressures coming. We like flat price higher early and then sideways.
Not a lot to get excited about here on the 10 min chart, but we’ll deal with the congestion for now. This sideways pattern looks to hold a temporary range with a support level of 8820 and an upside of resistance at 8930. Once we make a move outside these lines, we can concentrate on a better pattern forming. The 60 min chart has no difference. We still have the upside capped at 9000 and the downside sup-port with room to the 8600 area.
Techies, some Trekkies
- 200 Day MA 9373
- 100 Day MA 9094
- 13 Day MA 8748
- 8 Day MA 8785
-14 Day RSI 53.98
Spread now; Roll later
- New year, new spread
-Key support: -67, -73, -77
- Key Rests: -59, -52, -48
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WTI Crude Oil: The Key Is Getting Over $90
Published 12/04/2012, 01:53 AM
Updated 05/14/2017, 06:45 AM
WTI Crude Oil: The Key Is Getting Over $90
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