Technically Speaking

Weekly Analysis: Energy Markets

Source: DTN ProphetX

Brent Crude Oil: The spot-month contract closed $1.83 lower at $45.54. The market's secondary (intermediate-term) trend is down with next support at $42.73. This price marks thee 50% retracement level of the previous uptrend from $27.10 through the high of $69.63. Weekly stochastics have reached the oversold level of 20%, possibly limiting the sell-off to a test of next support.

Crude Oil: The spot-month contract closed $1.73 lower at $43.01. The market's secondary (intermediate-term) trend on its weekly chart is down. Next support is at $40.65, a price that marks the 50% retracement level of the previous uptrend from $26.05 through the high of $62.58. Weekly stochastics remains bearish but near the oversold level of 20%.

Distillates: The spot-month contract closed 5.53cts lower at $1.3717. The market remains in a secondary (intermediate-term) downtrend with next support at $1.3067. This price marks the 50% retracement level of the previous uptrend from $0.8487 through the high of $1.7647. Weekly stochastics are still bearish but near the oversold level of 20%.

Gasoline: The spot-month RBOB gasoline contract closed 2.07cts lower at $1.4341. The market's secondary (intermediate-term) trend is down on its weekly chart with next support at $1.3318. This price marks the 50% retracement level of the previous uptrend from $0.8976 through the high of $1.7710.

Ethanol: The spot-month contract closed 8.0cts lower at $1.491. The market's secondary (intermediate-term) trend remains sideways. Support is at the double-bottom low near $1.43. Weekly stochastics are neutral-to-bearish above the oversold level of 20%.

Natural Gas: The spot-month contract closed 10.8cts lower at $2.929. The secondary (intermediate-term) trend remains down. Support is still at $2.521 while weekly stochastics remain bearish. Initial support is at the new 4-week low of $2.855.

Propane (Conway cash price): Conway propane closed 2.50cts lower at $0.5375. Cash propane's secondary (intermediate-term) trend remains sideways between support at $0.5281 and resistance at $0.6537. Weekly stochastics are neutral-to-bearish above the oversold level of 20%.

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