Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 03/22/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $1.65 lower. The secondary (intermediate-term) trend is sideways to down. Support at the low-side of the range is pegged at $104.60, with resistance at near $111.85. Weekly stochastics remain neutral.

Crude Oil: The spot-month contract closed $0.57 higher. 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 2.30cts lower. The secondary (intermediate-term) trend remains sideways. The spot-month contract is testing longer-term trendline support near $2.8995. Weekly stochastics are nearing the oversold level of 20%.

Gasoline: The spot-month contract closed 5.18cts lower. The secondary (intermediate-term) trend remains sideways. Weekly stochastics are near the overbought level of 80% as the spot-month contract tests support at $2.8676. Resistance remains near $3.01, the 67% retracement level of the previous downtrend from $3.2672 through the low of $2.4945.

Natural Gas: The spot-month contract closed 11.2cts lower. The secondary (intermediate-term) trend is down. The spot-month contract moved below support at $4.414, the 61.8% retracement level of the previous uptrend from $3.129 through the recent high of $6.493. This could lead to an extended sell-off back below $4.00.

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

Posted at 7:50AM CDT 03/22/14 by Darin Newsom
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