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

By  |  Commodities  |  Jan 31, 2013 12:08PM GMT  |   Add a Comment
 
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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

Gasoline:
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.

Distillate:
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.
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