Commentary, Featured|September 19, 2012 1:55 pm

$RB_F, $USO, $Cl_F, and Brent Crude Charts from David $OIL

Oct RBOB is holding above its 50 day moving average which is the only real support here until the .382 first major fib at 2.745; 2.72 is the 200 day avg in Oct contract which has been pretty clean.  Nov 200 day is at 2.6765. USO is testing its .382 retracement from the year low (34.06) and RSI has some room before oversold.

image

image

Oct WTI as the rolling front month contract (expires tomorrow) traded just below its .382 support of 91.58, but Nov will be front month after exp tomorrow and perhaps that low in Oct will be pivotal for Nov.

image

image

Nov Brent has 107.08 as major support and it lines up well with the significant top in July.  The last chart is Nov as rolling front month and has 106.70 as first major fib support so use this entire area as very key.

image

image

  • Share this post:
  • Facebook
  • Twitter
  • Delicious
  • Digg