DTN’s Technical Analysis | ENERGY | Aug 20

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

Brian Milne - DTN Energy Editor,
August 20, 2018

Brent Crude Oil: The overnight market on ICE was up $0.25 near $72. The spot-month contract is in a short-term downtrend. Support is marked at last week’s $70.30 four-month low which coincides with the 200-day moving average at $70.32. Resistance is marked at $73.34, the 38.2% retracement point for the February-to-May uptrend. The forward curve is in a contango market structure through January delivery. The relative strength index shows modest oversold pressure.

Crude Oil: The overnight WTI market was down slightly near $65.75. The spot-month contract is in a short-term downtrend. Support is found at last week’s $64.43 two-month low, which coincides with the 200-day moving average at $64.50. Resistance is found at the $65.77 and $67.12 retracement points. WTI is in a bullish backwardated market structure. The relative strength index shows an oversold market.

Distillates: The overnight market was little changed near $2.10. The spot-month contract remains range bound, testing support last week at the $2.0722 retracement point with a $2.0760 four-week low. Additional support is marked at $2.0577, the 50% retracement point for the February-to-May uptrend. Resistance is found at the $2.1276 retracement point. The forward curve is in a contango market structure through January delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 0.25cts near $1.9825. The spot-month contract is in short-term downtrend. Support is marked at last week’s $1.9671 four-month low and the $1.9661 50% retracement point for the February-to-May uptrend. Additional support is found at the 200-day moving average at $1.9550. The gasoline market is in seasonal backwardation through January delivery. The relative strength index shows modest oversold pressure.

Natural Gas: The overnight market was down 3.4cts at $2.912. Despite the lower print, the spot-month contract is in a short-term uptrend. Resistance is found at last week’s $2.974 two-month high, and the June high at $3.053. Support is marked at the 200-day moving average at $2.855, and the $2.832 100-day moving average. The forward curve is in a contango market structure through January delivery. The relative strength index shows and easing overbought market.

*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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