DTN’s Technical Analysis | ENERGY | Apr 30

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

Darin Newsom - DTN Senior Analyst,
April 30, 2018

Brent Crude Oil: The overnight market on ICE was $0.75 lower near $73.90. The market is once again giving indications of rolling over into a minor (short-term) downtrend. The most recent signal by daily stochastics remains a bearish crossover above the overbought level of 80%. If the market starts to fall, initial support is at $72.23. This price marks the 23.6% retracement level of the previous uptrend from $61.76 through the recent high of $75.47.

Crude Oil: The overnight WTI market was $0.75 lower at $67.35. As with Brent crude, WTI looks poised to roll over into a minor (short-term) downtrend. If so initial support is pegged at $66.85, a price that marks the 23.6% retracement level of the previous uptrend from $58.07 through the recent high of $69.56.

Distillates: The overnight market was 1.75cts lower near $2.1335. After posting a new high of $2.1670 last Thursday, the spot-month contract has fallen back. This puts daily stochastics in position for another bearish crossover above the overbought level of 80%, again indicating the potential for a new minor (short-term) downtrend.

RBOB Gasoline: The overnight market was 2.75cts lower near $2.0990. RBOB still 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 last week’s high of $2.1367. The 38.2% retracement mark is down at $1.9515.

Natural Gas: The overnight market was 0.1cts higher at $2.772. The minor (short-term) uptrend in natural gas could be nearing its end. Initial support is at the four-day low of $2.728 with resistance at last Thursday’s high of $2.839.

*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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