Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 04/26/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $0.05 higher. The secondary (intermediate-term) trend remains sideways to up. Resistance is at $111.85, a price that marks the 61.8% retracement level of the sell-off from $117.34 through the low of $102.98. Weekly stochastics are neutral to bullish.

Crude Oil: The spot-month contract closed $3.70 lower. The secondary (intermediate-term) trend on the weekly chart is sideways to down. As discussed in recent weeks, the crude oil market had grown increasingly vulnerable to the establishment of a secondary downtrend. However, weekly stochastics turned bearish below the overbought level of 80% indicating a move to a sideways to down trend. Initial support is at $99.88, the 38.2% retracement level of the previous rally. Next support is at the 50% retracement level of $98.23.

Distillates: The spot-month contract closed 2.16cts lower. The secondary (intermediate-term) trend remains sideways. While weekly stochastics recently established a bullish crossover, it did so above the oversold level of 20%. Resistance is at the four-week high of $3.0216 with support at the four-week low of $2.8492.

Gasoline: The spot-month contract closed 2.04cts higher. The secondary (intermediate-term) trend remains has turned up again. The spot-month contract moved to a new high of $3.1128 this past week, pushing weekly stochastics further above the overbought level of 80% and approaching 90%. Major (long-term) resistance on the monthly chart is at $3.1343.

Natural Gas: The spot-month contract closed 9.4cts lower. The secondary (intermediate-term) trend remains down. The recent rally by the spot-month contract off the test of support between $4.414 and $4.249 has fallen short of initial resistance at $5.089. Weekly stochastics are nearing the oversold level of 20%.

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Posted at 8:25AM CDT 04/26/14 by Darin Newsom
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