Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 06/14/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $4.80 higher. The secondary (intermediate-term) trend turned up. The spot-month contract moved through resistance at $112.56, the 67% retracement level of the previous downtrend from $117.34 to $102.98. This sets the stage for a possible extension of the rally to near the previous high. Weekly stochastics are neutral to bullish.

Source: DTN ProphetX

Crude Oil: The spot-month contract closed $4.25 higher. The secondary (intermediate-term) trend on the weekly chart turned up again. The spot-month contract blew through resistance $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. Major resistance on the long-term monthly chart remains at $109.12. Weekly stochastics are neutral to bullish.

Distillates: The spot-month contract closed 11.64cts higher. The secondary (intermediate-term) trend is sideways to up. The spot-month contract spiked above resistance at the previous high of 3.0216 before closing the week back below that price level. Weekly stochastics remain neutral to bullish. Major (long-term) resistance on the monthly chart is pegged near $3.1485.

Gasoline: The spot-month contract closed 11.87cts higher. The secondary (intermediate-term) trend is sideways. Despite this past week's rally that saw the spot-month contract test resistance at $3.1128, the contract continues to indicate head-and-shoulders topping pattern is forming. Neckline support this week is calculated at $2.9277. Weekly stochastics remain neutral to bearish.

Natural Gas: The spot-month contract closed 2.9cts higher. The secondary (intermediate-term) trend remains sideways. The spot-month contract is moving toward a test of resistance at the recent high of $4.852. Support remains between $4.414 and $4.249, prices that mark the 61.8% and 67% retracement levels of the uptrend from $3.129 through the high of $6.493. Weekly stochastics are neutral to bullish.

To track my thoughts on the markets throughout the day, follow me on Twitter: www.twitter.com\DarinNewsom

Posted at 7:31AM CDT 06/14/14 by Darin Newsom
Post a Blog Comment:
Your Comment:
DTN reserves the right to delete comments posted to any of our blogs and forums, for reasons including profanity, libel, irrelevant personal attacks and advertisements.
Blog Home Pages
September  2014
S M T W T F S
   1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30            
Subscribe to Technically Speaking RSS
Recent Blog Posts