akhisingh: WTI Crude Oil charts getting tired beating at $90: Carl Larry

Saturday, December 8, 2012

WTI Crude Oil charts getting tired beating at $90: Carl Larry

By Carl Larry
How is it WTI can drop $2 in a given day without a good reason and mostly everyone shrugs their shoulders??
When there?s traders out of the office and the people covering their seats are trying to prove their worth. Hey, maybe you just didn?t see that flying pig in a Doji candlestick formation.?

How can OPEC just sit around and let oil prices drop like Lindsay Lohan?s acting career without making some cuts??
The fact is they can?t. Let?s not discount them just quite yet. We think that a surprise cut is coming next week and we?d like to remind all of our teeming millions that you heard it here first.

Analysis
So much for my charting expertise. Actually I let my emotions get in the way and I got greedy. I have been saying that the chart has been getting tired beating at 90.00, but I thought we would have lasted until today before we caught major failure. Off by one day in this industry is usually one day too many. We?ll look for redemption here today with resistance ready to meet the challenge at 86.65, 87.34 and 88.34. Support starts with 85.36 and then gets ugly to 83.89, 82.20. The front spread gets ready for roll and has support to ?60, -65. Would like to think that there?s room to the upside, but it?s limited to ?54. Flat price has hope, but little else. Look for a rally early.

We are getting a little consolidation from the major move lower yesterday. The 10min chart has taken a breather overnight and looks to hold the support area down to 8590. The upside of the range has resis-tance in the 8690 area. A breakout above will fight to get higher, but a slip below support has many chart followers thinking 8200 area. The 60min chart has some give to the downside to 8540, but the case re-mains the same.