Technically Speaking
Weekly Analysis: Energy Markets
Brent Crude Oil: The spot-month contract closed $2.48 lower at $54.62. The secondary (intermediate-term) trend remains down with the spot-month contract testing support at $54.55. This price marks the 61.8% retracement level of the previous uptrend from $45.19 through the high of $69.22. Weekly stochastics remain bearish meaning the contract could next test support at the 67% level of $53.33. The market is also in Wave 2 of a major (long-term) 5-Wave uptrend.
Crude Oil: The spot-month contract closed $2.75 lower at $48.14. The secondary (intermediate-term) trend is down with the spot-month contract below support at $48.87. This price marks the 67% retracement level of the previous uptrend from $42.03 through the high of $62.58. With weekly stochastics still bearish, and the market in the latter stages of Wave 2 of a major (long-term) 5-Wave uptrend, the spot-month contract could test the 76.4% retracement level of $46.88.
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Distillates: The spot-month contract closed 3.39cts lower at $1.6302. The secondary (intermediate-term) trend remains sideways-to-down with the spot-month contract moving toward a test of its major (long-term) low of $1.5890. Like the oil markets, distillates look to be in Wave 2 of a major 5-Wave uptrend on its monthly chart. However, the spot-month contract will need to hold its major low from January.
Gasoline: The spot-month contract closed 10.04cts lower at $1.8282. The secondary (intermediate-term) trend remains down with the spot-month contract testing support at $1.8193. This price marks the 38.2% retracement level of the previous uptrend from $1.2265 through $2.1858, continues to hold. Weekly stochastics remain bearish indicating a test of the 50% retracement level at $1.7062 is likely. The major (long-term) trend remains up.
Ethanol: The spot-month contract closed 5.70cts lower at $1.4950. The secondary (intermediate-term) trend is sideways. Next support is pegged at $1.4309, a price that marks the 67% retracement level of the previous rally from $1.2920 through the high of $1.7090. Weekly stochastics are neutral-to-bearish. The major (long-term) trend remains up.
Natural Gas: The spot-month contract closed 9.4cts lower at $2.776. The secondary (intermediate-term) trend remains sideways. However, the spot-month contract posted a bearish outside week indicating the market could now fall back to the low end of its trading range between $3.115 and $2.556. The major (long-term) trend is sideways-to-up.
Propane (Conway cash price): Conway propane closed 0.25ct lower at $0.3300. The secondary (intermediate-term) trend remains sideways-to-up with initial resistance at the 4-week high of $0.3525. Initial support is at the 4-week low of $0.3025. Weekly stochastics are neutral-to-bullish. The major (long-term) trend is sideways-to-up.
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