Technically Speaking

Weekly Analysis: Energy Markets

Darin Newsom
By  Darin Newsom , DTN Senior Analyst
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Source: DTN ProphetX

Brent Crude Oil: The spot-month contract closed $0.34 higher at $52.75. 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. Initial support is at the 4-week low of $50.00.

Crude Oil: The spot-month contract closed $0.58 lower at $47.29. The market's secondary (intermediate-term) trend is sideways-to-down. 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, then $40.65.

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Distillates: The spot-month contract closed 12.45cts higher at $1.7468. The market remains in a secondary (intermediate-term) sideways trend with the spot-month contract testing resistance at $1.7647. This price marks a full retracement of the previous uptrend. Support is at $1.4148.

Gasoline: RBOB gasoline futures market closed 8.13cts higher at $1.7679. Using the market's weekly close-only chart, RBOB gasoline remains in a secondary (intermediate-term) sideways trend. Resistance is at $1.7587 with support at $1.4342.

Ethanol: The spot-month contract closed 5.6cts higher at $1.556. 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. However, the nearby contract posted a bullish outside week indicating a test of the high-side of the range could soon occur.

Natural Gas: The spot-month contract closed 17.8cts higher at $3.070. While the secondary (intermediate-term) trend still looks to generally be sideways, the spot-month contract posted a bullish outside week indicating more upside momentum could be seen. If so, initial resistance is between $3.084 and $3.258. Weekly stochastics posted a bullish crossover, but above the oversold level of 20%.

Propane (Conway cash price): Conway propane closed 1.50cts higher at $0.7675. Cash propane's secondary (intermediate-term) uptrend looks to be nearing its end. The market is testing resistance at $0.7838, a price that marks 67% retracement level 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.

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