Technically Speaking
Weekly Analysis: Energy Markets
Brent Crude Oil: The spot-month contract closed $1.93 lower at $59.45. While the spot-month contract posted an inside week last week (staying within the previous week's range) the secondary (intermediate-term) trend of the market remains down. Major (long-term) support remains at $57.96, a price that marks the 76.4% retracement level of the previous major uptrend from $36.20 through the high of $128.40.
Crude Oil: The spot-month contract closed $1.79 lower at $54.73. The spot-month contract traded above the previous week's high before turning lower last week. The lower close keeps the market in a secondary (intermediate-term) downtrend. Major (long-term) support remains at $51.91, a price that marks the 76.4% retracement level of the previous major uptrend from $32.48 through the high of $114.83.
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Distillates: The spot-month contract closed 5.43cts lower at $1.9079. The secondary (intermediate-term) trend remains down as the spot-month contract posted a new low of $1.8981. Major (long-term) support is at $1.8727, a price that marks the 67% retracement level of the previous major uptrend from $1.1252 through the high of $3.3700.
Gasoline: The spot-month contract closed 5.08cts lower at $1.5087. The secondary (intermediate-term) remains down despite with the spot-month contract posting a new low of $1.4980. Major (long-term) support is at $1.4208, a price that marks the 76.4% retracement level of the previous major uptrend from $0.7850 through the high of $3.4789.
Natural Gas: The spot-month contract closed 45.7cts lower at $3.007. Following the previous week's bearish outside week, the spot-month contract left a bearish gap on its weekly chart between $3.444 and $3.351, strengthening the secondary (intermediate-term) downtrend. The new low of $2.973 is a test of major (long-term) support at $2.985, a price that marks the 76.4% retracement level of the previous major uptrend from $1.902 through the high of $6.493.
Propane (Conway cash price): Conway propane closed 7.75cts lower at $0.4550. The cash market posted a new low last week of $0.4525, extending the secondary (intermediate-term) downtrend. Weekly stochastics are in single digits indicating the market is sharply oversold.
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