Crude Oil Charts: RSI Still High, Comfortable For A Rally

Well that took some wind out of the sails. We have been patiently waiting for a correction and here it was. We shaved a good percentage off the RSI, although it still remains high. We’re a bit more comfortable with another rally here, but some more slippage is well taken. If we do head lower, support holds 9487, 9358 and then things get interesting at 9256.

If we are serious about not looking back, we’re going to have to test resistance at 9613, 9722 and 9818. The front spread fell right past our –48 sup-port and after a dead cat bounce is checking –49. We’ll adjust our numbers. Flat price is cautious, but higher is due by the end of the day.

Trends are only for the affected:
As much as we thought there would be many things to talk about today on the 10min chart, the overnight trade left us listless. We see support holding in the 9500 area and upside resistance hitting a 9570 ceil-ing. A move outside this range will help dictate direction. On the 60min chart, things got real. We we’re waiting for a correction and the move lower fell close to the trend support. Now we have some room again to 9490. Pivot is above at 9620 and channel resistance holds in the 9750 area.

Techies, some Trekkies
- 200 Day MA 9112
- 100 Day MA 9045
- 13 Day MA 9434
- 8 Day MA 9496
- 14 Day RSI 66.54

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

Gasoline:
RBG3. The CL move helped cool off RB too. We see a little consolidation here after a good run. Support looks to hold 28229, 28057 and 27806. A rise will contend with resistance at 28432, 28571 and 28766. The front spread holding well as long as we stay above support at –174, -182. Upside needs to get past –130 to see, -118, -100. RBCL knocking on 2450 with 2488, 2512 above. Support at 2348, 2290.

Distillate:
HOG3 range bound. We see a support levels at 30680, 30574 and 30430. Upside resistance comes in at 30835, 30911 and 31076. The front spread looks to be going nowhere too fast. The upside hits resistance at 145 and support level of 125 is solid enough to hold the near term. We see the HOCL gaining momentum and targeting the upside to 3370, 3415. Support holds back at 3300, 3248.

By Carl Larry