Technically Speaking

Weekly Analysis: Energy Markets

Source: DTN ProphetX

Brent Crude Oil: The spot-month contract closed $0.62 higher at $52.72. The market's secondary (intermediate-term) trend remains sideways. Resistance remains at $55.47, a price that marks the 67% retracement level of the previous downtrend from $69.63 through the low of $27.10. Support is near $46.42.

Crude Oil: The spot-month contract closed $0.31 lower at $48.51. The market's secondary (intermediate-term) trend is sideways. Resistance is at $50.42, a price that marks the 67% retracement level of the previous downtrend from $62.58 through the low of $26.05. Support remains near $44.09.

Distillates: The spot-month contract closed 1.42cts lower at $1.6204. The market remains in a secondary (intermediate-term) sideways trend. Resistance is at $1.6678, a price that marks the 76.4% retracement level of the sell-off from $1.7647 through the low of $1.3540. Support is at $1.4148.

Gasoline: RBOB gasoline futures market closed 1.10cts higher at $1.6240. RBOB gasoline remains in a secondary (intermediate-term) sideways trend between roughly $1.75 and $1.43. Weekly stochastics are neutral-to-bullish indicating a possible test of the high side of this range.

Ethanol: The spot-month contract closed 6.8cts lower at $1.507. The market's secondary (intermediate-term) trend remains sideways with support at the double-bottom low near $1.43. Resistance is at $1.632. Weekly stochastics are neutral.

Natural Gas: The spot-month contract closed 9.0cts lower at $2.893. The secondary (intermediate-term) trend remains down with initial support at the 4-week low of $2.753. Below that support remains at $2.521, a price that marks the 61.8% retracement level of the previous uptrend from $1.611 through the high of $3.994. Weekly stochastics are near the oversold level of 20%.

Propane (Conway cash price): Conway propane closed 0.88ct lower at $0.7375. Cash propane's secondary (intermediate-term) uptrend looks to be nearing its end. The market is testing resistance between $0.7188 and $0.7838, prices that mark the 50% and 67% retracement levels of the previous downtrend from $0.9100 through the low of $0.5275. Weekly stochastics are above the overbought level of 80% and in position for a bearish crossover.

To track my thoughts on the markets throughout the day, follow me on Twitter: www.twitter.com\DarinNewsom

Comments

To comment, please Log In or Join our Community .