Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 03/29/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $1.15 lower. The secondary (intermediate-term) trend remains sideways. Support is pegged at $104.60, with resistance near $111.85. Weekly stochastics remain neutral.

Crude Oil: The spot-month contract closed $2.21 higher. The secondary (intermediate-term) trend on the weekly chart is sideways. The last major signal on the secondary chart was a bearish key reversal (week of March 3). Support is pegged near $98.23, the 50% retracement level of the previous rally from $91.24 through the recent high of $105.22. Resistance is at the recent high, which is also the four-week high.

Distillates: The spot-month contract closed 3.78cts higher. The secondary (intermediate-term) trend remains sideways. The spot-month contract has held longer-term trendline support near $2.8995. Weekly stochastics are below 20% and indicating an oversold situation. This could lead to a rally back to the high-side of the trading range, calculated this coming week at $3.1867.

Gasoline: The spot-month contract closed 2.96cts higher. The secondary (intermediate-term) trend remains sideways. Weekly stochastics are near the overbought level of 80% as the spot-month contract holds above 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 17.2cts lower. The secondary (intermediate-term) trend may be turning sideways following the establishment of a bullish reversal by the spot-month contract last week. If so, the initial upside target is pegged at $5.114, the 38.2% retracement level of the previous sell-off from $6.493 through this past week's low of $4.262. However, weekly stochastics remain bearish meaning renewed selling interest could be seen this coming week.

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Posted at 7:35AM CDT 03/29/14 by Darin Newsom
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