Technically Speaking
Monthly Analysis: Energy Markets
Brent Crude Oil: The spot-month contract closed at $66.78, up $11.67 on the monthly chart. The major (long-term) trend is now up following a bullish crossover below the oversold level of 20% by monthly stochastics. The spot-month contract closed above initial resistance at $64.82, a price that marks the 23.6% retracement level of the previous downtrend from $128.40 (high from March 2012) through $45.19 (low from January 2015). Next resistance is pegged at the 38.2% retracement level of $76.97.
Crude Oil: The spot-month contract closed at $59.63, up $12.03 on the monthly chart. The major (long-term) trend turned up with the spot-month contract closing above initial resistance at $59.21, a price that marks the 23.6% retracement level of the previous downtrend from $114.83 (high from May 2011) through $42.03 (low from March 2015). Monthly stochastics established a bullish crossover below the oversold level of 20% with the strong rally in April. Next resistance is pegged at the 38.2% retracement level of $69.84.
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Distillates: The spot-month contract closed at $1.9763, up 25.84cts on the monthly chart. The major (long-term) trend turned up with resistance pegged at $2.1821. This price marks the 33% retracement level of the previous downtrend from $3.3700 (high from January 2014) through $1.5890 (January 2015).
Gasoline: The spot-month contract closed at $2.0497, up 26.97cts on the monthly chart. The major (long-term) trend of the market remains up, with the spot-month contract testing resistance at $2.0869. This price marks the 38.2% retracement level of the previous downtrend from $3.4789 (high from April 2011) through $1.2265 (low from January 2015). The 50% retracement level is up at $2.3527.
Ethanol: The spot-month contract closed at $1.619, up 13.2cts on the monthly chart. The market looks to have established a major (long-term) uptrend, with monthly stochastics showing a bullish crossover below the oversold level of 20%. The initial upside target is $1.971, a price that marks the 38.2% retracement level of the previous downtrend from $3.07 (high from July 2011) through $1.292 (low from January 2015).
Natural Gas: The spot-month contract closed at $2.751, up 11.1cts on the monthly chart. The major (long-term) sideways trend looks to have turned up with the higher monthly close after posting a new low of $2.443. Initial resistance is pegged at $3.695, a price that marks the 38.2% retracement level of the previous downtrend from $5.720 (high from January 2014).
Propane (Conway cash price): Conway propane closed at $0.4750, up 1.50cts on its monthly chart. The major (long-term) trend remains sideways with support at the January 2015 low of $0.3775 and resistance at the March 2015 high of $0.5850.
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