Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 04/12/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $0.61 higher. The secondary (intermediate-term) trend remains sideways. Support is pegged at $104.62, a price that marks the 61.8% retracement level of the previous uptrend from $96.75 through the high of $117.34. Resistance is at the recent high of $112.39.

Crude Oil: The spot-month contract closed $2.60 higher. The secondary (intermediate-term) trend on the weekly chart is sideways to up. The spot-month contract is testing resistance between $104.22 and $105.25, the 61.8% and 67% retracement levels of the previous downtrend from $112.24 through the low of $91.24. Weekly stochastics are nearing the oversold level of 80%.

Distillates: The spot-month contract closed 2.53cts higher. The secondary (intermediate-term) trend remains sideways. The spot-month contract is priced near longer-term trendline support, pegged this coming week at $2.9102. However, weekly stochastics are below 20% and indicating an oversold situation and nearing a bullish crossover. This could lead to the establishment of a secondary uptrend in the near future.

Gasoline: The spot-month contract closed 8.31cts higher. The secondary (intermediate-term) trend remains sideways to up. As expected, the spot-month contract is testing resistance between $3.0099 and its previous high of $3.0558. Meanwhile, weekly stochastics are approaching the overbought level of 80%. The market could extend this rally to a test of major (long-term) resistance at $3.1343.

Natural Gas: The spot-month contract closed 5.6cts lower. While the secondary (intermediate-term) trend remains down, the spot-month contract has rallied off its recent test of support between $4.414 and $4.249. This could lead to a retracement rally to test resistance at $5.089, the 38.2% level of the sell-off from $6.493 through the recent low of $4.221.

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Posted at 7:14AM CDT 04/12/14 by Darin Newsom
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