Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 04/05/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $1.35 lower. The secondary (intermediate-term) trend remains sideways. Support is pegged at $104.60, a price that marks the 61.8% retracement level of the previous uptrend from $96.75 through the high of $117.34.

Crude Oil: The spot-month contract closed $0.53 lower. 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 remains at $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 5.00cts lower. The secondary (intermediate-term) trend remains sideways. The spot-month contract is priced near longer-term trendline support, pegged this coming week at $2.9066. 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.

Gasoline: The spot-month contract closed 0.62ct lower. The secondary (intermediate-term) trend remains sideways. However, the spot-month contract has rallied off support at $2.8676, a price that marks the 33% retracement level of the previous rally from $2.4945 through the high of $3.0538, setting the stage for a possible test of the recent high.

Natural Gas: The spot-month contract closed 5.6cts lower. The secondary (intermediate-term) trend is sideways to down. The spot-month contract continues to hold support between $4.414 and $4.249, the 61.8% and 67% retracement levels of the previous uptrend from $3.129 through the high of $6.493. While weekly stochastics remain bearish, a possible rally could run into initial resistance at $5.089.

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Posted at 1:10PM CDT 04/05/14 by Darin Newsom
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