Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $0.95 higher at $80.36. Though hard to get a read on weekly signals, the secondary (intermediate-term) trend may have turned sideways last week. The spot-month contract stayed within the previous week's range while weekly stochastics remain below the oversold level of 20%. However the major (long-term) trend is down with support 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.

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Crude Oil: The spot-month contract closed $0.69 higher at $76.51. As with Brent crude, patterns on the weekly WTI chart are heavily influenced by the market's major (long-term) downtrend. The secondary (intermediate-term) trend has turned sideways with the spot-month contract holding within the previous week's trading range. Lows the last two weeks of $73.25 and $73.88 have tested major support at $73.66, a price that marks the 50% retracement level of the previous uptrend from $32.48 through the high of $144.83.

Distillates: The spot-month contract closed 1.16cts lower at $2.4045. The secondary (intermediate-term) trend remains down despite the spot-month holding above the previous week's 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 1.40cts higher at $2.0565. The secondary (intermediate-term) remains down despite the consolidation by the spot-month contract last week. Long-term monthly stochastics are still bearish with next major support 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 24.6cts higher at $4.266. The secondary (intermediate-term) trend remains up despite last week's consolidation by the spot-month contract. Resistance remains at $4.669, a price that marks the 38.2% retracement level of the previous secondary downtrend from $6.493 through the low of $3.541. The major (long-term) trend remains up as well.

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