WTI Crude Oil Fall Below $85.40 May Start A Trend Lower
CommodityOnline | Dec 10, 2012 08:25AM ET
A whole lot of nothing on Friday and we’re right back where we started. Not that I still am not holding out hope that we can recover from the weakness, but it’s still going to take more than a few numbers and some chart magic. So for today and the second day of the Index roll, we’re going again with 86.65, 8734 and 88.34.
Support starts with 8536 and then gets ugly to 83.89, 82.20. The front spread saw some good roll action on Friday, but it’s just not the same anymore. With the holidays picking up and volumes declining, it’s just a matter of if spread support can hold –59 to –62. Flat price should have room to rally today.
Well it’s not the best indicator these days, but on the 10-min chart we have a mini uptrend that is just hold-ing it’s own this morning. We can get trend support down to 8630 and push resistance at the top of the channel at 8670. Under 8600 will flatten out the move and consolidate or reverse. The 60-min chart has nothing but sideways action. We’ll need above 8740 to get the push up and over the first resistance. A fall below 8540 might be enough to start a trend lower.
Techies, some Trekkies
- 200 Day MA 9321
- 100 Day MA 9082
- 13 Day MA 8753
- 8 Day MA 8760
- 14 Day RSI 44.76
Spread now; Roll later
- New year, new spread
- Key support: -67, -73, -77
- Key Rests: -59, -52, -48
By Carl Larry
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