DTN’s Technical Analysis | ENERGY | Apr 25

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

Darin Newsom - DTN Senior Analyst,
April 25, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 lower near $73.65. The combination of Monday’s move to a new high and close near that high, followed by yet another high on Tuesday with a close near session lows looks to have established a two-day reversal. Tuesday also saw daily stochastics post another bearish crossover above the overbought level of 80%. All this adds up to what looks to be a minor (short-term) downtrend with initial support at $72.23, then $70.23.

Crude Oil: The overnight WTI market was slightly lower near $67.60. The market looks to have established a general topping pattern as it moves toward a minor (short-term) downtrend on its daily chart. Initial support is at $66.85, the 23.6% retracement level of the previous uptrend from $58.07 through the recent high of $69.56. The 38.2% retracement level is down at $65.17.

Distillates: The overnight market was 0.15cts lower near $2.1260. Similar to Brent crude, distillates look to have moved into a minor (short-term) downtrend following the establishment of a two-day bearish reversal and a bearish crossover by daily stochastics above the overbought level of 80%. Initial support is at $2.0743, then $2.0235.

RBOB Gasoline: The overnight market was 0.5cts lower near $2.0900. Similar to distillates, RBOB now looks to be in a minor (short-term) downtrend on its daily chart. Initial support is at $2.0223, the 23.6% retracement level of the previous uptrend from $1.6519 through this past Monday’s high of $2.1367. The 38.2% retracement mark is down at $1.9515.

Natural Gas: The overnight market was down 0.3cts at $2.778. Unlike the rest of the energy complex, natural gas remains in a minor (short-term) uptrend. Overnight trade saw the spot-month contract post a new four-day high of $2.796 while daily stochastics climb closer to the overbought level of 80%.

*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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