DTN’s Technical Analysis | ENERGY | Aug 10

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

Brian Milne - DTN Energy Editor,
August 10, 2018

Brent Crude Oil: The overnight market on ICE was flat at $72, trading near a $71.40 two-week low. The spot-month contract is in a short-term downtrend, again testing support at the $71.97 61.8% retracement point for the February-to-May uptrend. Support is then marked at the $71.19 July low and the 50% retracement point at $71.13. Resistance is at $75.22, the 38.2% retracement point for the April-to-May uptrend. The forward curve is in a contango market structure. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was flat near $66.75. The spot-month contract is in a short-term downtrend, trading at a seven-week low of $66.14 overnight. The spot-month contract is testing retracement support at $66.02 with support again found at $65.77. Resistance remains at the $69.43 retracement point for the June-to-July uptrend. WTI is in a bullish backwardated market structure. The relative strength index shows a neutral market condition.

Distillates: The overnight market was up about 0.5cts near $2.1165. The spot-month contract remains range bound, with support at the $2.0722 and $2.0577 retracement points and resistance at $2.1864. The forward curve is in seasonal contango through January delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was up 1.0cts near $2.0115 after trading at a $1.9934 four-month low. The spot-month contract has moved into a short-term downtrend. Retracement support is found at the 200-day moving average at $1.9476. Retracement resistance is marked at $2.0436. The gasoline market is in seasonal backwardation through January delivery. The relative strength index shows a neutral market condition.

Natural Gas: The overnight market was down 0.2cts at $2.953 amid inside trade. The spot-month contract is in a short-term uptrend, trading at a nearly eight-week high of $2.952 Thursday. Resistance is now found at the $3.053 June high. Support is found at the 200-day moving average at $2.853, and the $2.815 100-day moving average. The forward curve is in a contango market structure through January delivery. The relative strength index shows a building overbought market condition.

*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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