Technically Speaking
Weekly Analysis: Energy Markets
Brent Crude Oil: The spot-month contract closed $3.98 lower at $79.41. The secondary (intermediate-term) trend remains down as the spot-month contract posted another new low of $76.76. Initial major (long-term) support is at $71.42, a price that marks the 61.8% retracement level of the previous uptrend from $36.20 through the high of $128.40.
Crude Oil: The spot-month contract closed $2.83 lower at $75.82. The secondary (intermediate-term) trend remains down as the spot-month contract posted a new low of $73.25. This was a test of major (long-term) support 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 8.34cts lower at $2.4161. The secondary (intermediate-term) trend turned down again as the spot-month contract posted an outside week, establishing a new low of $2.3480. Major (long-term) support is at $2.2276, a price that marks the 50% retracement level of the previous uptrend from $1.1252 through the high of $3.3300.
Gasoline: The spot-month contract closed 9.27cts lower at $2.0425. The secondary (intermediate-term) trend remains down as the spot-month contract posted a new low of $1.9909 last week. This was the first time since September 2010 that the spot-month contract was below $2.00. Next major (long-term) support is at $1.8141, a price that marks the 61.8% retracement level of the previous uptrend from $0.7850 through the high of $3.4789.
Natural Gas: The spot-month contract closed 39.2cts lower at $4.020. The secondary (intermediate-term) trend looks to have turned sideways to possibly down after the spot-month contract posted a bearish outside range last week. I so support is at the previous low of $3.541. Major (long-term) support remains between $3.656 and $3.431.
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