WTI Crude Oil To Trade Sideways, Watch 102.40 Levels: Carl Larry

Give and take is all it’s about on the charts these days. Don’t try to over think anything because what’s been lost is quickly found. Today we’re going to again play the same numbers because there’s not a lot of direction out there and we have no good reason to jump up or fall back. We’ll be looking to stay the course. This gives the resistance numbers a familiar 10494, 10596, 19687. The support numbers finds territory to 10345, 10236 and 10144. The front spread reversed and now we’re looking back up to 52 and 63 resistance. Support looks to hold 42, 34. The flat price is holding here and we’ll continue to push sideways, again.

Gasoline:We’ve moved on to RBX3. Everything has faded lower and we’re not seeing anything different here. This gives us support numbers at 26240, 26328 and 25971. The up-side looks to hit resistance at 26390, 26465. The front spread is juiced here with sup-port back at 145, 122. Above we’ll be looking at resistance levels of 177, 215. The RBCL resistance to 768, 861. The support falls on 675, 605

Trends are only for the affected
The move on the 10min chart wasn’t much of a trend as it was just a step up to a different trading range. We’re again looking at sideways action here with a risk of another step up or down. We’ll peg support in the 10335 area and resistance at 10425. The 60min chart is playing along nicely until we can break out of the downtrend channel. We hit the pivot yesterday and flipped. So we watch that number to hold 10240, and see how we react to resistance around the 10470 level.

Fundy you should mention
I think there’s still some validity to the economy. Which when President Obama actually had some Wall Street leaders behind him during his talk yesterday, it was meant to show that our economy means busi-ness. Of course my view was they all looked pretty scared of a big bully who hasn’t been able to get his way. Hey, I’m not bashing Obama, it is what it is, but don’t try to make your gang look bigger than theirs. Maybe we get Jobless Claims (313K) at 8:30am EST, but for sure there’s Factory Orders (0.3) and Non Mfg ISM (57.0) at 10:00am.

Sorry, I am just physically attracted
Oh so many pipelines and so little oil. Well now I know I shouldn’t blow off those little oil breakfast con-ferences here in Houston. Seems like a director at TransCanada had one too many cups of coffee and couldn’t stop gushing. He is saying that the Keystone XL expansion should be up and running by the end of October. That’s another 700K b/d that will be bringing crude down from Cushing into the USG. Now if we add that on to another ~400K (800K?) on Seaway in Q1 2014, we might just be shutting out all foreign crude imports. Of course the trick is to keep oil flowing into Cushing and that might just need some help from Canada or more production from Shale.

Techies, some Trekkies

-- 200 Day MA 9780

--100 Day MA 10216

-- 13 Day MA 10404

-- 8 Day MA 10267

-- 14 Day RSI 36.38

Spread now; Roll later

-- Everything is expensive

-- Key support: 32, 26, 17

-- Key Rests: 42, 55, 63

By Carl Larry