Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $7.22 lower at $61.85. The secondary (intermediate-term) trend remains down despite weekly stochastics continuing to show a sharply oversold situation. The spot-month contract is well below major (long-term) support at $66.90, trading at levels not seen since May 2009.

Crude Oil: The spot-month contract closed $8.03 lower at $57.81. The secondary (intermediate-term) trend remains down despite weekly stochastics continuing to show a sharply oversold situation. The spot-month contract is below major (long-term) price support at $63.94, closing at a level not seen since May 2009.

Distillates: The spot-month contract closed 9.18cts lower at $2.0160. The secondary (intermediate-term) trend remains down despite weekly stochastics continuing to show the market is sharply oversold. The spot-month contract is testing major (long-term) support at $1.9827, a price that marks the 61.8% retracement level of the previous major uptrend from $1.1252 through the high of $3.3700.

Gasoline: The spot-month contract closed 17.61cts lower at $1.5973. The secondary (intermediate-term) remains down despite weekly stochastics continuing to show the market is in a sharply oversold situation. The spot-month is below major (long-term) support at $1.6740, closing at a level not seen since May 2009.

Natural Gas: The spot-month contract closed 0.007cts lower at $3.795. The secondary (intermediate-term) trend remains sideways with support at $3.541 and resistance at $4.469. The major (long-term) trend is also sideways with support between $3.656 and $3.431.

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