Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 07/19/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $0.58 higher. The secondary (intermediate-term) trend is sideways to down. The spot-month contract rallied off its test of support at $104.62, a price that marks the 61.8% retracement level of the uptrend from $96.75 through the high of $117.34. Resistance is pegged between $108.15 and $110.05.

Crude Oil: The spot-month contract closed $2.30 higher. The secondary (intermediate-term) trend on the weekly chart is sideways. The spot-month contract rallied off its test of support at $99.48, a price that marks the 50% retracement level of the uptrend from $91.24 through the high of $107.73. Resistance remains be $104.22 and $105.25, the 61.8% and 67% retracement levels of the downtrend from $112.24 through the $91.24 low.

Distillates: The spot-month contract closed 1.57cts lower. The secondary (intermediate-term) trend remains sideways to down. The spot-month contract is testing support at $2.8285, the low from the week of November 4, 2013.

Gasoline: The spot-month contract closed 4.82cts lower. The secondary (intermediate-term) trend is sideways to down. The spot-month contract closed below support at $2.9008, a price that marks the 38.2% retracement level of the previous uptrend from $2.4945 through the high of $3.1520. This sets the stage for a test of the 50% retracement level at $2.8322.

Natural Gas: The spot-month contract closed 19.5cts lower. The secondary (intermediate-term) trend remains down. The spot-month contract is trading well below support at $4.249, a price that marks the 67% retracement level of the previous uptrend from $3.129 through the high of $6.493. Major (long-term) support is between $3.656 and $3.431.

Posted at 7:19AM CDT 07/19/14 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