Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $4.05 lower. The secondary (intermediate-term) trend remains down after the spot-month contract posted a new low of $82.60 last week. However, the spot-month was able to rally off this low to close at $86.16. Major (long-term) support remains at $82.30, the 50% retracement level of the uptrend from $36.20 through the high of $128.40.

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Crude Oil: The spot-month contract closed $3.97 lower. Last week saw the spot-month contract post a new low of $79.78, extending the secondary (intermediate-term) downtrend. Next major (long-term) level of support is $76.33. Monthly stochastics remain bearish.

Distillates: The spot-month contract closed 6.26cts lower. The secondary (intermediate-term) trend remains down after the spot-month contracts posted a new low of $2.4208 last week. While monthly stochastics have moved below the oversold level of 20%, next major (long-term) support is down at $2.2276.

Gasoline: The spot-month contract closed 2.48cts lower. The secondary (intermediate-term) trend is down, with the spot-month contract posting a new low of $2.1347 last week. This was a test of major (long-term) support at $2.1319, a price that marks the 50% retracement level of the uptrend from $0.7850 (December 2008 low) through the high of $3.4789 (April 2011 high). Monthly stochastics remain bearish.

Natural Gas: The spot-month contract closed 9.3cts lower. The secondary (intermediate-term) trend has turned sideways and is threatening a downside breakout. The spot-month contract moved through support at the previous low of $3.723 last week before rallying late Friday. This sets the stage for a test of major (long-term) support between $3.656 and $3.431.

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