WTI Crude Oil: "Past those speed bumps now we're looking at 109.32 110.18" says Carl Larry

WTI Crude Oil: "Past those speed bumps, now we're looking at 109.32, 110.18" says Carl Larry

By Carl Larry
Oh boysie. That escalated pretty quickly and we have the RSI up above 64 to prove it. This still gives us a lot of room to take it up a notch but it?s a matter of wait and see. Nonetheless, we think that we?re at a point of make or break. The near term resistance flirts with resistance at 10806 with 10882 right above. Past those speed bumps and we?re looking more seriously at 10932, 11018. The support numbers have room to hold down to 10732, 10648 and 10531. The front spread caught our bid yesterday and sees resistance at 104, 112 and 121. The support returns to 91, 82 and 76. Flat price gets sold early, but rally to close.

Gasoline: We?re moving on to RBU3. RB is trying to get serious about moving back up. We see resistance holding at 30335, 30430 and 30624. The support numbers look to hold 30100, 29933 and 29756. The front spread trying hard to hold support at 1440, 1392, 1360. Resistance returns to 1480, 1531 and 1570. The RBCL has support to 1861, 1822. The resistance here looks up to 1918, 1961.

Distillate: We?re following HOU3 now. HO wants higher, but getting stalled here. We see resistance at 31047, 31193 and 31358. The support numbers fall back on 30877, 30746 and 30515. The front spread seems to be stuck in a range here with ?10, +00 on the upside and ?25, -40 below. Going to take some doing to break that out. The HOCL looks for support at 2204, 2177. Resistance above at 2240, 2283.

Trends are only for the affected: Overnight is taking a break from the move on the 10min chart yesterday. We are playing in a range of 10730 to 10830. It?s not as strong as one would think considering the rally the past few days, but we?re definitely getting ready for something bigger. The 60min chart broke the downtrend and is at best looking to consolidation here. We believe that we?ll need solid trade above 10875 now to initiate any uptrend and down will have to break back under 10680.

Fundy you should mention: Want to grab a coffee at 8:25am this morning? Come on...Econo-heads rejoice! Not only is today the first Friday of the month, we get to dress to impress. We had ADP payrolls at 200K, Jobless Claims under 330K and Big Ben and the Fedettes keep mum on QE tapering, let?s make it a party. We?ll be glued to the tape at 8:30am (176K, 7.5%) to see how this plays out. Not to be left out, we also have Consumer Income and Spending (0.4; 0.4) at 8:30am EST too. Later in the morning we?ll watch for Factory Orders (2.3) at 10:00am?if anyone is still around.

Sorry, I am just physically attracted: To me, it?s not that Marathon Galveston Bay (565K), or Texas City...whatever you want to call it, had is-sues yesterday, it?s the fact that they have displaced their foreign sweet barrels. After Marathon?s earnings report yesterday, we learned that they are bringing in domestic barrels and left out the imports. We knew that imports of crude into the USG have dropped, but now we?re seeing the who and the why. We?re seeing a fundamental change in what is exactly a ?foreign barrel?. We have enough light, sweet and now it?s more about the medium and heavy. A good sign for Mexico and even better if Canada can get more down here via Keystone. Not so good for the Saudis still trying to find their sweets a home.

(The author is associated with Oiloutlooks)

Source: http://www.commodityonline.com/futures-trading/technical/WTI-Crude-Oil%3A-Past-those-speed-bumps-now-were-looking-at-109.32-110.18-says-Carl-Larry-31180.html

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