Technically Speaking Blog

By Darin Newsom
DTN Senior Analyst

Brent Crude Oil: The spot-month contract closed at $94.67, down $8.52 for the month. The major (long-term) trend remains down with next support at $93.18. This price marks the 38.2% retracement level of the previous uptrend from $36.20 (low from December 2008) through $128.40 (high from March 2012). Monthly stochastics are nearing the oversold level of 20%.

Crude Oil: The spot-month contract closed at $91.16, down $4.80 for the month. The major (long-term) trend remains sideways to down with support pegged at $89.88. Monthly stochastics are nearing the oversold level of 20%.

Distillates: The spot-month contract closed at $2.6505, down 20.97cts for the month. The major (long-term) trend remains sideways with support near $2.6420. Monthly stochastics are below the oversold level of 20% and could eventually establish a bullish crossover.

Gasoline: The spot-month contract closed at $2.4373, down 19.58cts for the month. The major (long-term) trend remains sideways with next support pegged at $2.4498. Monthly stochastics are holding above the oversold level of 20%, helping to maintain the market's sideways trend.

Natural Gas: The spot-month contract closed at $4.121, up 5.6cts for the month. The major (long-term) trend remains sideways as the spot-month contract extends its rally off its test of support at $3.656. This price marks the 61.8% retracement level of the previous uptrend from $1.902 through the high of $6.493. The last major signal established by monthly stochastics was a bullish crossover at the end of May 2012. The rally and subsequent interim peak did not create a bearish crossover above the overbought level of 80%.

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