SHORT-TERM (today 5 days out)

For Tuesday, 52.45 can contain session weakness, above which 53.81 is attainable intraday and able to contain strength through January trade. Holding below 53.81 should yield 45.12 over the next several weeks, while closing today above 53.81 indicates 57.43 within 3-5 days, longer-term resistance able to contain strength into later 2017 and a meaningful upside continuation point over the same time horizon (page 2). Downside Tuesday, breaking/opening below 52.45 signals 51.67, while closing below 52.45 indicates a good weekly high, 50.77 then expected within 1-2 days, 49.12 within 2-3 days where the market can bottom out into next week.

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MID (2-3 wks) & LONG TERM (2-3 ms )

The 53.81 formation essentially forms the start of a wide range of long-term resistance up to 57.43 able to absorb buying into later 2017 (page 2), once tested 45.12 attainable within 3-5 weeks, 35.59 within 3-5 months. On the other hand, a weekly settlement above 57.43 maintains a bullish dynamic into spring, 62.57 then expected within 3-5 weeks, 69.13 within 3-5 months where the broader market can top out through 2017. Downside, 45.12 can contain selling through January, with a daily settlement below maintaining a heavy dynamic into later Q1, 39.77 then considered a 2-3 week target, 35.59 within 5-8 weeks where Crude can bottom out into summer trade.

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