Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 03/15/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $0.43cts lower. The secondary (intermediate-term) trend remains sideways. Support at the low-side of the range is pegged roughly at $104.60, with resistance at the high side near $112.50. Weekly stochastics are neutral as well.

Crude Oil: The spot-month contract closed $3.69 lower. The secondary (intermediate-term) trend on the weekly chart is sideways to down. The last major signal on the secondary chart was a bearish key reversal (week of March 3). Support is pegged at at $98.23, the 50% retracement level of the previous rally from $91.24 through the recent high of $105.22. Next support is at the 67% retracement level of $95.90.

Distillates: The spot-month contract closed 6.90cts lower. The secondary (intermediate-term) trend remains sideways. The spot-month contract is testing longer-term trendline support near $2.8960.

Gasoline: The spot-month contract closed 1.41cts lower. The secondary (intermediate-term) trend turned sideways this past week. Weekly stochastics are near the overbought level of 80% as the spot-month contract falls back from its test of resistance near $3.01. This price marks the 67% retracement level of the previous downtrend from $3.2672 through the low of $2.4945. Initial support is pegged at $2.8676.

Natural Gas: The spot-month contract closed 19.3cts lower. The secondary (intermediate-term) trend is down. The spot-month contract continues to test support at $4.414, the 61.8% retracement level of the previous uptrend from $3.129 through the recent high of $6.493. If this support is clearly broken it could trigger an extended sell-off back below $4.00.

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Posted at 5:45AM CDT 03/15/14 by Darin Newsom
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