Technically Speaking
Darin Newsom DTN Senior Analyst

Sunday 05/25/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $0.79 higher. The secondary (intermediate-term) trend is sideways to up. The spot-month contract established a new four-week high last week, indicating an extended rally to a test of resistance at $111.85. This price marks the 61.8% retracement level of the previous downtrend from $117.34 through the low of $102.98. Weekly stochastics are neutral to bullish.

Crude Oil: The spot-month contract closed $2.33 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, prices that mark the 61.8% and 67% retracement levels of the previous downtrend from $112.24 through the low of $91.24. Weekly stochastics are neutral to bullish.

Distillates: The spot-month contract closed 0.13cts higher. The secondary (intermediate-term) trend remains sideways. The spot-month contract continues to consolidate between the recent high of $3.01216 and the four-week low of $2.8856. Weekly stochastics are neutral to bullish indicating the market could continue to see light support build.

Gasoline: The spot-month contract closed 5.00cts higher. The secondary (intermediate-term) trend remains sideways to down. The spot-month has rallied to a test of resistance near $3.0099, a price that marks the 67% retracement level of the previous downtrend from $3.2672 through the low of $2.4945. Weekly stochastics are short-term neutral, long-term bearish. The pattern on the weekly chart continues to indicate a developing head-and-shoulders top formation.

Natural Gas: The spot-month contract closed 0.8cts lower. The secondary (intermediate-term) trend remains down. The spot-month contract is testing support between $4.414 and $4.249, prices that mark the 61.8% and 67% retracement levels of the previous uptrend from $3.129 through the high of $6.493. Weekly stochastics have moved below the oversold level of 20% indicating the market could see a bullish crossover in the near future.

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Posted at 8:03AM CDT 05/25/14 by Darin Newsom
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