Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $1.59 lower at $58.73. The secondary (intermediate-term) trend remains down. The spot-month contract tested support at $54.53 last week, a price that marks the 61.8% retracement level of the previous uptrend from $45.19 through the high of $69.22. Weekly stochastics are bearish meaning the contract could look to retest support at the 61.8% retracement level or even the 67% level of $53.33.

Crude Oil: The spot-month contract closed $4.19 lower at $52.74. The secondary (intermediate-term) trend is down with the spot-month contract testing support at $52.31. This price marks the 50% retracement level of the previous uptrend from $42.03 through the high of $62.58. With weekly stochastics still bearish, the spot-month contract could test the 67% retracement level down at $48.87.

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Distillates: The spot-month contract closed 10.00cts lower at $1.7399. The secondary (intermediate-term) trend is sideways-to-down following a bearish gap posted last week on the market's weekly chart. Weekly stochastics are now neutral-to-bearish, with support at a series of lows near $1.6600, then the previous low of $1.5890.

Gasoline: The spot-month contract closed 1.78cts lower at $2.0165. The secondary (intermediate-term) trend remains down with the spot-month contract posting a new 4-week low of $1.9074 before rallying. This was a test of initial support at $1.8664, a price that marks the 33% retracement level of the previous uptrend from $1.2265 through $2.1858. Weekly stochastics are bearish indicating a test of the 50% retracement level at $1.7062 is likely.

Ethanol: The spot-month contract closed 2.10cts higher at $1.6490. The secondary (intermediate-term) trend is up with the spot-month contract posting a new 4-week high of $1.6640. Next resistance is its previous high of $1.7090, then $1.7785. The latter marks the 50% retracement level of thee downtrend from $2.2650 through the low of $1.2920.

Natural Gas: The spot-month contract closed 5.2cts lower at $2.770. The secondary (intermediate-term) trend remains sideways. Resistance is the recent high of $3.115 while initial support is at the low of $2.556. The most recent signal by weekly stochastics is a bullish crossover below the oversold level of 20% indicating the market could continue to see buying interest.

Propane (Conway cash price): Conway propane closed 0.25ct higher at $0.3425. The secondary (intermediate-term) trend remains sideways-to-up with initial resistance at the 4-week high of $0.3525. Support is at the low of $0.2675. Weekly stochastics are neutral-to-bullish indicating the market could continue to see increased buying interest.

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