WTI Crude Oil: Finds No Change In Resistance At 98.50, 99.88, 100.42

By CommoditiesJan 31, 2013 07:08AM ET
WTI Crude Oil: Finds No Change In Resistance At 98.50, 99.88, 100.42
By   |  Jan 31, 2013 07:08AM ET
Nothing like a little consolidation over the past 24 hours to make today seem that much brighter. We pared a tic off the RSI, so we’re still in overbought territory. It’s getting close to that point where we’re either going to break out or we’re going to fail into a correction. Obviously I’m not saying anything groundbreaking here, so we wait. Resistance sees no change from 9850, 9988 and 10042. Support remains set below at 9722, 9644 and 9575. The front spread has failed and is starting to feel the pres-sure of roll. We are targeting the –49 support here soon. The slid will be limited to –52 to –54. Flat price edges higher today, but profit taking late.

Trends are only for the affected:
Not a lot overnight and just a continuation of sideways on the 10min chart this morning. We think that the range will have to trade above 9820 or below 9740 to find a solid path of direction. Moving back out to our favorite 60min chart, we get back to the love. We see the upside channel now having us reach for the 9880 area. On the downside, we have room to test support at the pivot of 9745 and the trend line coming in at 9620.

Techies, some Trekkies
- 200 Day MA 90.97
- 100 Day MA 90.52
- 13 Day MA 95.83
- 8 Day MA 96.63
- 14 Day RSI 72.88

Spread now; Roll later
- Making product month
- Key support: -49, -54, -59
- Key Rests: -43, -37, -32

RBH3 only knows up. We had to rechart the whole thing it was such a big move. Now resistance looks at 30414, 30622 and 30848. The support numbers have room back to 30215, 29984 and 29626. The front spread (HJ) continues to test higher with –1405 and –1367. Support here falls back on –1440, -1487. The RBCL is pushing resis-tance at 3000 with a breakout to 3055. The support sees 2904, 2789.

HOH3 is the laggard of the complex. We catch resistance at 31167, 31238 and 31440. The support numbers come together at 31057, 30938 and 30800. The front spread (HJ) is not seeing a lot of hope for a rally. We see support look to test 149, 135, 122. The upside resistance has 159, 167 and 175. The HOCL has some support and will remain in a range of 3320 to 3227 below.
WTI Crude Oil: Finds No Change In Resistance At 98.50, 99.88, 100.42

Related Articles

WTI Crude Oil: Finds No Change In Resistance At 98.50, 99.88, 100.42

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Add Chart to Comment
Crude Oil
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.