Technically Speaking

Brent Crude Oil: The spot-month contract closed $1.83 higher at $65.28. The secondary (intermediate-term) trend is up. Weekly stochastics remain bullish meaning the market could ultimately test $72.75, a price that marks the 38.2% retracement level of the previous downtrend from $117.34 through the low of $45.19.

Crude Oil: The spot-month contract closed $l.41 higher at $57.15. The secondary (intermediate-term) trend remains up. The spot-month contract is testing resistance at $58.60, the 23.6% retracement level of the previous downtrend from $112.24 through the low of $42.03. However, with weekly stochastics still bullish the market could extend its rally to the 38.2% retracement level at $68.85.

Distillates: The spot-month contract closed 4.59cts higher at $1.9283. The secondary (intermediate-term) trend is up with the spot-month contract nearing a test of initial resistance at $1.9841. This price marks the 23.6% retracement level of the previous downtrend from $3.2633 through the low of $1.5890. Weekly stochastics remain bullish indicating an extension of the uptrend to the 38.2% retracement level of 2.2286 is likely.

Gasoline: The spot-month contract closed 7.80cts higher at $2.0079. The secondary (intermediate-term) trend remains up. The recent breakout of the bullish pennant projects a high near $2.36, a test of resistance at $2.4165. This latter price marks the 61.8% retracement level of the previous downtrend from $3.1520 through the low of $1.2265. However, weekly stochastics are already above the overbought level of 80%, a factor that could possibly limit new buying interest. Friday's CFTC Commitments of Traders report showed noncommercial interests increasing their net-long futures position by only 755 contracts.

Ethanol: The spot-month contract closed 1.5cts lower at $1.6010. While the secondary (intermediate-term) remains up the spot-month contract was unable to breach resistance 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. While weekly stochastics remain bullish, last week's high of $1.6480 sets up a potential double-top with the recent high of $1.6500 (week of April 6).

Natural Gas: The spot-month contract closed 10.3cts lower at $2.531. The secondary (intermediate-term) trend remains sideways-to-down with weekly stochastics holding well below the oversold level of 20%. Initial support is at the recent low of $2.475.

Propane (Conway cash price): Conway propane closed 2.25cts lower at $0.4800. The secondary (intermediate-term) trend looks to be turning sideways with last week's lower close resulting in a bearish crossover by weekly stochastics above the oversold level of 20%. Initial resistance is at the 4-week high of $0.5125 with support at the 4-week low of $0.4475.

The weekly Commitments of Traders report showed positions held as of Tuesday, April 21.

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