Technically Speaking

Weekly Analysis: Energy Markets

Brent Crude Oil: The spot-month contract closed $1.63 lower at $57.10. The secondary (intermediate-term) trend remains down with the spot-month contract testing support at $57.51. This price marks the 50% 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 67% level of $53.33.

Crude Oil: The spot-month contract closed $1.85 lower at $50.89. The secondary (intermediate-term) trend is down with the spot-month contract below 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 7.58cts lower at $1.6641. The secondary (intermediate-term) trend remains sideways-to-down with the spot-month contract sliding below its previous low of $1.6653. Weekly stochastics are neutral-to-bearish indicating a possible test of the major (long-term) low of $1.5890 from January 2015.

Gasoline: The spot-month contract closed 8.79cts lower at $1.9286. The secondary (intermediate-term) trend remains down with the spot-month contract posting a new 4-week low of $1.8527 before rallying. Support at $1.8664, a price that marks the 33% retracement level of the previous uptrend from $1.2265 through $2.1858, continues to hold. However, weekly stochastics are bearish indicating a test of the 50% retracement level at $1.7062 is likely.

Ethanol: The spot-month contract closed 9.70cts lower at $1.5520. Last week's sharp sell-off turned the secondary (intermediate-term) trend sideways. Next support is pegged at $1.5005, a price that marks the 50% retracement level of the previous rally from $1.2920 through the high of $1.7090. Weekly stochastics are now neutral to bearish.

Natural Gas: The spot-month contract closed 10.0cts higher at $2.870. The secondary (intermediate-term) trend remains sideways. Initial resistance is the 4-week high (last week's high) of $2.934. Beyond that is the high end of the sideways trading range at the high of $3.115. Weekly stochastics remain bullish meaning the market could start to build upside momentum.

Propane (Conway cash price): Conway propane closed 1.00ct lower at $0.3325. 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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