Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $2.47 lower at $83.39. The secondary (intermediate-term) trend turned down again as the spot-month contract posted a new low of $81.63. Initial 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.

Crude Oil: The spot-month contract closed $1.89 lower at $78.65. The secondary (intermediate-term) trend remains down as the spot-month contract posted a new low of $75.84. Major (long-term) support remains at $76.33, a price that marks the 50% retracement level of the previous uptrend from $32.48 through the high of $114.83.

Distillates: The spot-month contract closed 1.50cts lower at $2.4995. The secondary (intermediate-term) trend may be turning sideways despite the move to a new low of $2.4138 last week. Weekly stochastics continue to indicate a possible bullish turn, while support is coming from increased commercial buying interest. The spot-month contract continues to hold near major (long-term) support at $2.4878, a price that marks the 38.2% retracement level of the previous uptrend from $1.1252 through the high of $3.3300.

Gasoline: The spot-month contract closed 3.43cts lower at $2.1352. The secondary (intermediate-term) trend remains down as the spot-month contract posted a new low of $2.0484 last week. However, it was able to rally back above major (long-term) support of $2.1319 at the close. If this support breaks though, the market could fall to the next targeted level of $1.8141.

Natural Gas: The spot-month contract closed 53.9cts higher at $4.412. The secondary (intermediate-term) trend recently turned up with the establishment of a bullish key reversal. Last week saw the spot-month contract leave a bullish gap, confirming the move to an uptrend. Initial resistance is pegged at $4.669, a price that marks the 38.2% retracement level of the previous downtrend from $6.493 through the recent low of $3.541.

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