Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $0.03 lower. The secondary (intermediate-term) trend may have turned sideways last week, with the range now set by the previous week's high of $90.18 and low of $82.60. Major (long-term) support remains at $82.30, a price that marks the 50% retracement level of the previous uptrend from $36.20 through the high of $128.40.

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Crude Oil: The spot-month contract closed $1.74 lower. The secondary (intermediate-term) trend remains down with the spot-month contract near its recent low of $79.78. Major (long-term) support remains at $76.33 while monthly stochastics are still bearish.

Distillates: The spot-month contract closed 1.57cts lower. The secondary (intermediate-term) remains, though the spot-month contract held within the previous week's trading range of $2.5616 and $2.4208. Major (long-term) support is at $2.4878 (Friday's close by the spot-month was $2.4819), with next support pegged at $2.2276.

Gasoline: The spot-month contract closed 2.48cts lower. The secondary (intermediate-term) trend looks to have turned sideways, with the spot-month contract holding within the previous week's trading range of $2.2685 and $2.1347. Major (long-term) support remains 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).

Natural Gas: The spot-month contract closed 14.3cts lower. As expected, the secondary (intermediate-term) trend turned down last week. The spot-month contract moved through support at the previous low of $3.723, posting a new low of $3.558. Major (long-term) support is between $3.656 and $3.431.

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