Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 06/28/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $1.51 lower. The secondary (intermediate-term) trend is sideways to up. However, the spot-month contract has fall back from its recent high of $115.71 while weekly stochastics are near the overbought level of 80%. With the inverse in the nearby futures spreads weakening, the market seems vulnerable to renewed selling interest in the coming weeks.

Source: DTN ProphetX

Crude Oil: The spot-month contract closed $1.52 lower. The secondary (intermediate-term) trend on the weekly chart looks to have turned sideways. The spot-month contract is now consolidating below its recent high of $107.73 while weekly stochastics near a bearish crossover above the overbought level of 80%. Major (long-term) resistance on the monthly chart remains near $109.12.

Distillates: The spot-month contract closed 5.36cts lower. The secondary (intermediate-term) trend is sideways to up. Resistance is at the recent high of $3.0711. Longer-term trendline resistance is pegged this week at $3.1586. Weekly stochastics remains neutral to bullish. Major (long-term) resistance on the monthly chart is near $3.1485.

Gasoline: The spot-month contract closed 2.89cts lower. Despite the lower weekly close the secondary (intermediate-term) trend remains sideways to up. However, the spot-month contract is trading below its previous high of $3.1128 after spiking to a peak of $3.1520. Major (long-term) resistance on the monthly chart remains near $3.1350, though the spot-month contract has shown a tendency to spike above this price in the past (July 2013, March 2013).

Natural Gas: The spot-month contract closed 12.2cts lower. The secondary (intermediate-term) trend remains sideways. The spot-month contract is testing support between $4.414 and $4.249, prices that mark the 61.8% and 67% retracement levels respectively of the previous uptrend from $3.129 through the high of $6.493. A test of the lower end of this range could establish a triple-bottom, a formation meaning support usually doesn't hold.

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

Posted at 7:53AM CDT 06/28/14 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
August  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
31                  
Subscribe to Technically Speaking RSS
Recent Blog Posts