Technically Speaking
Darin Newsom DTN Senior Analyst

Saturday 07/26/14

Energy Markets: Weekly Analysis

Brent Crude Oil: The spot-month contract closed $1.15 higher. Despite Friday's strong rally the secondary (intermediate-term) trend remains sideways to down. The spot-month is set to test resistance between $108.15 and $110.05, the 33% and 50% retracement levels of the previous sell-off from $115.71 through the recent low of $104.39. Weekly stochastics remain neutral to bearish.

Crude Oil: The spot-month contract closed $1.04 lower. The secondary (intermediate-term) trend on the weekly chart is sideways. Support remains at $101.43 and $99.48, prices that mark the 38.2% and 50% retracement levels of the rally from $91.244 through the high of $107.73. Long-term resistance remains between $104.22 and $105.25. Weekly stochastics are bearish.

Distillates: The spot-month contract closed 7.05cts higher. The secondary (intermediate-term) trend is sideways. The spot-month contract has posted a strong rally off its recent low of $2.8258. Weekly stochastics remain neutral to bullish, indicating a possible move to a secondary uptrend in the near future.

Gasoline: The spot-month contract closed 0.50ct higher. The secondary (intermediate-term) trend remains sideways to down. The spot-month contract is testing support between $2.9008 and $2.8232, prices that mark the 38.2% and 50% retracement levels of the rally from $2.4945 through the high of $3.1520. Weekly stochastics are bearish, indicating increased pressure is likely.

Natural Gas: The spot-month contract closed 17.0cts lower. The secondary (intermediate-term) trend remains down. The spot-month contract is moving toward major (long-term) support between $3.656 and $3.431, prices that mark the 61.8% and 67% retracement levels of the previous major uptrend from $1.902 through the high of $6.493. Weekly stochastics are neutral to bearish.

Posted at 8:11AM CDT 07/26/14 by Darin Newsom
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