Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $1.28 lower at $55.13. Despite last week's sell-off the secondary (intermediate-term) trend remains up with the spot-month continuing to hold above technical support at $54.09. This price marks the 50% retracement level of the initial rally from $45.19 through the high of $63.00. Weekly stochastics remains bullish indicating a retest of resistance at $62.22 is possible.

Crude Oil: The spot-month contract closed $0.27 higher at $49.14. The secondary (intermediate-term) trend remains sideways. Resistance is at $54.24, the high from the week of February 2, 2015. Support is at the recent low of $42.03. Weekly stochastics are bullish, indicating the market could see an upside breakout in the coming weeks.

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Distillates: The spot-month contract closed 4.50cts lower at $1.6825. The secondary (intermediate-term) trend remains sideways with support at the previous low of $1.5890. Weekly stochastics are short-term bearish, though the last secondary signal was a bullish crossover below the oversold level of 20%.

Gasoline: The spot-month contract closed 3.67cts higher at $1.7613. While the secondary (intermediate-term) trend is up the spot-month contract looks to be in a consolidation phase. Support at $1.6909 continues to hold. This price marks the 38.2% retracement level of the initial rally from $1.2265 through the high of $1.9779. Resistance remains between $2.0060 and $2.2469, the 38.2% and 50% retracement levels respectively of the previous secondary downtrend from $3.2672 high.

Ethanol: The spot-month contract closed 7.20cts higher at $1.5630. The secondary (intermediate-term) remains has turned up following its move above resistance at $1.5400 (week of March 2 high). Next resistance is at $1.6637, a price that marks the 38.2% retracement level of the previous sell-off from $2.2650 through the low of $1.2920. Weekly stochastics remain bullish.

Natural Gas: The spot-month contract closed 12.3cts higher at $2.713. The secondary (intermediate-term) trend remains sideways. Weekly stochastics are neutral below the oversold level of 20%. The recent low of $2.578 could establish a double bottom in conjunction with the $2.567 low from the week of February 2. Resistance remains at the recent high of $3.039.

Propane (Conway cash price): Conway propane closed 2.75cts lower at $0.4575. A bearish crossover below the overbought level of 80% by weekly stochastics indicates the secondary (intermediate-term) trend has turned sideways. Support remains at $0.4466, a price that marks the 67% retracement level of the rally from $0.3775 through the recent high of $0.5850.

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