Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.13 lower. The secondary (intermediate-term) trend is sideways. Resistance remains at $111.85, a price that 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 $1.64 lower. The secondary (intermediate-term) trend on the weekly chart is sideways. Resistance remains 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. Support is pegged between $99.88 and $98.23. Weekly stochastics are neutral to bullish.

Distillates: The spot-month contract closed 7.03cts lower. The secondary (intermediate-term) trend remains sideways. Support is at the recent low of $2.8492 while resistance is at the high of $3.0216. Weekly stochastics remain neutral as well.

Gasoline: The spot-month contract closed 2.70cts lower. The secondary (intermediate-term) trend remains sideways to down. The spot-month contract continues to indicate the formation of a head-and-shoulders topping pattern, with last week's high of $3.0310 the right shoulder. Neckline support is calculated this week at $2.8998. Weekly stochastics remain bearish.

Natural Gas: The spot-month contract closed 13.7cts higher. Despite the higher weekly close the secondary (intermediate-term) trend remains down. However, support between $4.414 and $4.249 continues to hold as weekly stochastics near a bullish crossover below the oversold level of 20%. The market is in position for a move to an uptrend in the near future.

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