DTN’s Technical Analysis | ENERGY | Apr 16

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

Darin Newsom - DTN Senior Analyst,
April 16, 2018

Brent Crude Oil: The overnight market on ICE was $1.00 lower near $71.50. The market’s minor (short-term) five-wave uptrend looks to be nearing its end, with the high of $73.09 (April 11) in position to be the peak of Wave 5. It is still too early to confirm the end of the uptrend, though, with no new bearish indicators established at this time.

Crude Oil: The overnight WTI market was $1.00 lower near $66.50. The spot-month contract came close to posting a bearish reversal on its daily chart overnight, though failing by $0.03 to take out Friday’s high of $67.76 before moving below Friday’s low of $66.70. Still, the market’s five-wave minor (short-term) uptrend looks to be nearing its end putting initial support at $65.47.

Distillates: The overnight market was 2.5cts lower near $2.0735. The spot-month distillates contract has established a bearish outside range through early Monday morning, trading beyond last Friday’s range of $2.1032 and $2.0630. If the market stays lower through the day’s close it would indicate the previous minor (short-term) five-wave uptrend has come to an end with a three-wave downtrend likely to begin.

RBOB Gasoline: The overnight market was 2.5cts lower near $2.0400. The market’s minor (short-term) uptrend looks to be nearing its end, though technical patterns are not as clear as those seen in crude oil and distillates. It’s possible the spot-month contract consolidates Monday, raising support to a new four-day low of $2.0235 (presumably) for Tuesday’s session.

Natural Gas: The overnight market was 1.9cts higher at $2.753. The market’s minor (short-term) trend is now up with the spot-month posting another new four-day high of $2.771 overnight. Next resistance is at $2.811, the high from March 13.

*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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