DTN’s Technical Analysis | ENERGY | Apr 3

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

Darin Newsom - DTN Senior Analyst,
April 3, 2018

Brent Crude Oil: The overnight market on ICE was slightly higher near $67.75. The market extended its minor (short-term) downtrend Monday with the spot-month contract testing support at $67.50. This price marks the 38.2% retracement level of the previous uptrend from $61.76 through the high of $71.05. The 50% retracement level is down at $66.41.

Crude Oil: The overnight WTI market was $0.25 higher near $63.25. The market extended its minor (short-term) downtrend Monday with the spot-month contract falling below support at $63.31. This price marks the 38.2% retracement level of the previous uptrend from $58.07 through the high of $66.55. The 50% retracement level is down at $62.31.

Distillates: The overnight market was little changed near $1.9815. The market confirmed its minor (short-term) downtrend with a test of support at $1.9899 Monday. This price marks the 23.6% retracement level of the previous uptrend from $1.8084 through the high of $2.0460. The 38.2% retracement level is down at $1.9552.

RBOB Gasoline: The overnight market was 1.5cts higher near $1.9800. The market looks to have moved into a minor (short-term) downtrend with Monday’s selloff. However the spot-month contract is holding support at $1.9532, a price that marks the 23.6% retracement level of the previous uptrend from $1.6519 through the high of $2.0463. If this support fails, the 38.2% retracement level is down at $1.8956.

Natural Gas: The overnight market was flat at $2.683. Despite Monday’s selloff the market still looks to be in a minor (short-term) uptrend. Initial support is at the four-day low of $2.623. Daily stochastics remain bullish above the oversold level of 20%.

*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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