DTN’s Technical Analysis | ENERGY | Mar 2

Daily technical analysis of crude oil, heating oil, gasoline and natural gas

Darin Newsom - DTN SeniorAnalyst,
March 2, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 lower near $63.50. This week’s bearish outside range looks to be the end of Wave B (second wave) and beginning of Wave C (third wave) of a secondary (intermediate-term) three-wave downtrend. Wave C should take the market below initial support at $60.85 to a test of next support at $54.40.

Crude Oil: The overnight WTI market was $0.25 lower near $60.75. This week’s bearish outside range looks to be the end of Wave B (second wave) and beginning of Wave C (third wave) of a secondary (intermediate-term) three-wave downtrend. Wave C should take the market below initial support at $57.08, possibly to a test of next support at $51.15.

Distillates: The overnight market was 2.5cts lower near $1.8625. This week’s bearish outside range looks to be the end of Wave B (second wave) and beginning of Wave C (third wave) of a secondary (intermediate-term) three-wave downtrend. Wave A breached initial support at $1.8376, meaning Wave C is projected to fall to next support at $1.6486.

RBOB Gasoline: The overnight market was 2.0cts lower near $1.8775. RBOB remains in a secondary (intermediate-term) downtrend on its weekly charts. Support is at its four-week low of $1.6519.

Natural Gas: The overnight market was 1.4cts higher at $2.712. The spot-month contract continues to hold above support at $2.521. Weekly stochastics remain bearish meaning the market could extend this selloff to next support at $2.173.

*For technical analysis of monthly (long-term) and weekly (intermediate-term) trends see DTN’s Technically Speaking blog on your ProphetX system.

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Darin Newsom,  darin.newsom@dtn.com

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