Technically Speaking

Weekly Analysis: Energy Markets

Source: DTN ProphetX

Brent Crude Oil: The spot-month contract closed $0.78 lower at $47.37. The market's secondary (intermediate-term) trend remains sideways-to-down with initial support at $46.42. This price marks thee 38.2% retracement level of the previous uptrend from $27.10 through the high of $69.63. With weekly stochastics still bearish above the oversold level of 20% the spot-month contract could look to test support at the 50% retracement level of $42.73.

Crude Oil: The spot-month contract closed $1.09 lower at $44.73. The market's secondary (intermediate-term) trend on its weekly chart remains sideways-to-down. Support is at $44.09, a price that marks the 38.2% retracement level of the previous uptrend from $26.05 through the high of $62.58. Weekly stochastics remains bearish above the oversold level of 20% indicating the spot-month contract could still test the 50% retracement level of $40.65.

Distillates: The spot-month contract closed 0.42ct lower at $1.4270. The market remains in a secondary (intermediate-term) sideways-to-down trend with initial support at $1.4148. This price marks the 38.2% retracement level of the previous uptrend from $0.8487 through the high of $1.7647. With weekly stochastics still bearish above the oversold level of 20% the spot-month contract could look to test the 50% retracement level of $1.3067.

Gasoline: The spot-month RBOB gasoline contract closed 4.69cts lower at $1.4548. The market's secondary (intermediate-term) trend remains sideways-to-down on its weekly chart with support at $1.4373. This price marks the 38.2% retracement level of the previous uptrend from $0.9360 through the high of $1.7710. Next support is down at the 50% retracement level of $1.3342.

Ethanol: The spot-month contract closed 2.1cts higher at $1.571. The market's secondary (intermediate-term) trend remains sideways. However, last week saw the nearby July contract post a bullish outside week indicating a move toward next resistance at $1.632 is possible. Weekly stochastics are neutral-to-bullish above the oversold level of 20%.

Natural Gas: The spot-month contract closed 0.2ct lower at $3.037. Though the secondary (intermediate-term) trend remains down, the market continues to show little change on its weekly chart. Support is still at $2.521 while weekly stochastics remain bearish. Initial support is at the new 4-week low of $2.916.

Propane (Conway cash price): Conway propane closed 0.88ct lower at $0.5625. Cash propane's secondary (intermediate-term) trend remains sideways between support at $0.5281 and resistance at $0.6537. Weekly stochastics established are neutral-to-bearish above the oversold level of 20%.

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