Technically Speaking

Brent Crude Oil: The spot-month contract closed $0.80 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. Support remains at $104.62. Weekly stochastics are neutral.

Crude Oil: The spot-month contract closed $0.05 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.

Distillates: The spot-month contract closed 1.34cts lower. The secondary (intermediate-term) trend remains sideways to down. Support is now pegged at $2.8285, the low from the week of November 4, 2013. Weekly stochastics have dipped back below 20%, setting the stage for a possible bullish crossover in the near future.

Gasoline: The spot-month contract closed 5.75cts 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 neckline support this week coming week calculated at $2.9184. A break of the neckline would indicate an extended sell-of back to $2.6588.

Natural Gas: The spot-month contract closed 16.8cts higher. The secondary (intermediate-term) trend is sideways. Support is pegged 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. Initial resistance is at the recent high of $4.852. Weekly stochastics are neutral to bullish.

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