Crude Oil Going For 9782, 9857, 9977 Resistance

No need to change too much today. The charts are a whole new animal and we’ve gone into beast mode. The RSI had a significant move up the past few days and we went from whiner (37) to winner (57). There’s still room here to keep the home fires burning for the Bulls, but we will soon be treading lightly. We’re going for resistance at 9782, 9857 and 9977. We have a lot of room to support any corrections from here; 9675, 9563, 9470. The front spread made it’s run to our –13 target and now it’s in the range between –26 and above. Flat price follows equities and we think that means up, but we might have to wait for their party to hit chill first.

Gasoline
We’ve moving ahead to RBF4. And here we go… We’re catching some correction overnight, but we see resistance at 27350, 27484 and 27678. If we continue to see lower, we’re targeting support to 27018, 26865, 26595. The front spread is getting a bit of a correction here. Support to –155, -188. Resistance looks up to –130, -104. RBCL steady with resistance at 1777, 1822. Support to 1718, 1677.

Trends are only for the affected
Not surprising to see things cool off on the charts, but it gives us a slow roll uptrend on the 10min chart today. We’re looking at a support line along the 9720 area. This gives us a pivot target in the 9800 area and channel resistance at 9900. Reversal can be noted below 9660. The 60min chart gives us a pretty liberal move, but this redraw today shifts the support line to the 9650 area and sets a pivot around 9810. The channel resistance floats us up to the 9970 level. Lot of room to play here.

Fundy you should mention
Hey now! Today’s the day and we couldn’t wait much longer. After the whopping drop in Jobless Claims (298K), we’re getting excited about the number this morning. Sure, there’s plenty of talk about seasonal-ity, but from my Barber Chair view, I’m hearing a lot of hiring activity. It seems that a lot of companies were waiting to confirm the year was going to end on a high note. An Unemployment number (Non Farm Payrolls 180K; Rate 7.2) with >200K in NFP will pass the QE tapering fears and get the markets going. Personal Income and Spending (0.3; 0.3) also at 8:30am EST. Consumer Sentiment (75.5) at 9:55am.

Sorry, I am just physically attracted
I can’t believe it’s December and we’re on refinery watch. This usually reserved for July or August. Now we’re hoping that these behemoths can keep cranking it out, be it for the growing US demand or our re-cord setting exports. The EU is heading into their own maintenance period (Dec/Jan) so we’re going to find ourselves finding a way to push product there. I maintain that we’re going to start to see East Coast refiners start this trend between now and the end of Q1. With shale on rail continuing to grow into PADD1, we’re expecting those margins to outweigh any shipping costs along with winter demand for Europe.

Techies, some Trekkies

200 Day MA 9851

100 Day MA 10200

13 Day MA 9473

8 Day MA 9505

14 Day RSI 57.40

Spread now; Roll later

Everything is cheap

Key support: -39, -46, -52

Key Rests: -23, -13, -07