Brent Crude Oil: The spot-month contract closed $2.43 higher. The secondary (intermediate-term) trend is sideways to up. Resistance is at $111.85, a price that marks the 61.8% retracement level of the sell-off from $117.34 through the low of $102.98. Weekly stochastics are neutral to bullish.
Crude Oil: The spot-month contract closed $0.56 higher. The secondary (intermediate-term) trend on the weekly chart is sideways to up. However, the spot-month contract is testing technical price resistance between $104.22 and $105.25. These prices mark the 61.8% and 67% retracement levels of the previous downtrend from $112.24 through the low of $91.24. Meanwhile, weekly stochastics have moved into an overbought situation above the 80% mark. This combination could establish a double-top formation on the weekly chart, setting the stage for a secondary downtrend.
Distillates: The spot-month contract closed 7.50cts higher. The secondary (intermediate-term) trend remains sideways. While weekly stochastics established a bullish crossover, it did so above the oversold level of 20%. This should limit the potential rally to a test of the previous high of $3.1848.
Gasoline: The spot-month contract closed 4.03cts higher. The secondary (intermediate-term) trend remains sideways to up. However, weekly stochastics have moved above the overbought level of 80% in conjunction with the spot-month contract testing resistance at its previous high of $3.0538. A decisive move through this resistance could lead to a test of the long-term term high of $3.1652 (week of July 15, 2013).
Natural Gas: The spot-month contract closed 12.1cts higher. While the secondary (intermediate-term) trend remains down, the spot-month contract has extended its rally off the recent test of support between $4.414 and $4.249. Initial resistance remains at $5.089, the 38.2% level of the sell-off from $6.493 through the recent low of $4.221.
To track my thoughts on the markets throughout the day, follow me on Twitter: www.twitter.com\DarinNewsom
More Recommended for You
OMAHA (DTN) -- December corn is down 2 cents, November...
Track interest rate trends in benchmark rates, farm mortgages, operating credit, farm machinery...